BNB/USD Long-term Trend – Ranging

Distribution territories: $10, $11, $12
Accumulation territories: $3, $2, $1

After a long successive of featuring lower lows in the past weeks, BNB/USD began witnessing choppy market movements on November 21, while the crypto made a feeble stride at around $6 mark. The range boundaries are being depicted by the $6 and the $4 marks on the chart.

The BNB market has been suffering from the USD price worth under the sell signal line of the 14-day SMA over a week. There is a notable gap between the 50-day SMA and the 14-day SMA as the former is located over the latter. The Stochastic Oscillators are seemingly consolidating around range 20.

The present price range movement could continue stylishly within or around the aforementioned range boundaries in the next trading days or weeks. A strong breakdown of the lower range portion could allow the crypto touch past most of the accumulation territories below the $4 lower range mark. But, traders should pay a keen attention to bears’ trap while shorting their positions in the market.

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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