BNB/USD Medium-term Trend: Bullish

Distribution territories: $6.50, $7, $7.50
Accumulation territories: $4, $3.50, $3

In accordance with what the trading chart shows, between December 10 and 16, BNB/USD price had moved around a range of $5 and $4.50 marks. On December 17, the crypto began slowly and steadily surged upwards to eventually push past the 50-day SMA and against the Bollinger Upper Band trend-lines.

Around $5.40 mark, the pair experienced a pit stop that made it range-moved for a while. The market line has now sprung northwards further past the said mark to average below $6 market territory today. The 50-day SMA is underneath the Bollinger Middle Band. The Stochastic Oscillators are moving in a consolidation mode within the overbought zone.

As at present, bulls are strongly having a better trading stance at the expense of bears’ weakness, but a sudden forceful breakdown of around $5 mark could suggest an invalidation of longing more positions.

Market price action has been in favor of Binance Coin as it is paired with the US dollar in the short-term run. A significant spike occurred this week on December 17, and that gave way to current uptrend movements in the market.

The market now seems to push northward below the Bollinger Upper Band. The 50-day SMA is a bit located above the Bollinger lower Band around $5.20 market point. The Stochastic Oscillators have slightly crossed at range 60 to point north.

Observably, the Bollinger Middle Band has the potency of supporting a long position while it is not broken southward.

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

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