• The long-term outlook remains in a range-bound market.
• The bulls may lead the pack in the range in the new week.
BNB/USD Long-term Trend: Ranging
Supply zone: $60.00, $80.00, 100.00
Demand zone: $10.00, $8.00, $6.00
BNBUSD remains in consolidation in the long-term outlook. Last week started on a bullish note at $32.49. The momentum was sustained until exhaustion sets in at $27.81 within the range on 8th July as the day closed as spinning top. The cryptocurrency price dropped thereafter made a lower low each day until 11th July at $27.10.
The close of the candle within range within the range implies a rejection of the downward movement. The bulls gradually took control with a large candle on 12th July and pushed price back up to $34.49.
Price is below the two EMA crossover while the signal of the stochastic oscillator points up at 39%. This suggests an upward momentum in price within the range in days ahead as the coin ranges.
The cryptocurrency is ranging and trading between $42.00 in the upper supply area and at $28.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
