BNB/USD Long-term Trend – Bearish

Distribution territories: $9, $10, $11
Accumulation territories: $3, $2, $1

After a few weeks of facing rejections at the $5 mark, Binance Coin only strived to push northwards on December and on the following day it eventually averaged the $7 mark more closely. Shortly, the crypto suffered a momentum to strengthen it northwards further beyond many other distribution territories.

In the light of that, it began dropping while it got reversed against the $6 market point on December 6 as the 14-day SMA was breached southwards to briefly touch past the $5 price territory. The market has been trading below the 14-day SMA’s sell signal line. The stochastic Oscillators have crossed to point south at range 20 to signify a possibility of seeing further price downward movements.

The US dollar will continue to dominate the Binance Coin market as its recent high value has been completely erased about a few days. The market territories between $9 and $5 marks may be the zones where a strong correction could occur while a suddenly fierce up-swing market features.



The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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