BNB/USD Medium-term Trend: Ranging

Distribution territories: $8.50, $9, $9.50
Accumulation territories: $4.50, $4, $3.50

In the BNB/USD market line last week, there was an amount of notable bearish candlesticks between Nov. 14 and 16. On November 17 and 18, the crypto experienced a choppy market move within a range.

The range was eventually breached southwards from the $8 price territory to let in the bears’ force as the lower Bollinger Band got stretched along downward to test the $5.50 mark yesterday. The crypto now appears to enter new range territories depicted by the $6.50 and the $5.50 horizontal market lines. The 50-day SMA is located between the upper and the middle Bollinger Bands. The Stochastic Oscillators have feebly crossed at range 25 to seemingly start a consolidation movement around it

There have been indications that this crypto is now mustering a momentum within the said range to support its eventual upward swing that could result in a breakout of the upper range market line.

There have been more ups than downs in the BNB/USD market movements today. The BNB has slightly been on an increase moving mode while the $5.50 market remained unbroken southward by the bears in the short-term running.

Unlike Monday and yesterday, the crypto basically saw a significant price decline. The 50-day SMA is located along with upper Bollinger Band over the middle Bollinger Band. The market has currently traded around the middle Bollinger Band. The stochastic Oscillators have touched range 75, and they have crossed a bit to point south direction. That could mean that the crypto is losing the driving force of the market.

Nevertheless, an upward swing price action is expected to take place soon especially while a strong reversal takes place against the last market low value of the $5.50 mark.

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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