BNB/USD Long-term Trend – Bearish

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

On November 19, a long Japanese bearish candlestick emerged in the BNB/USD market valuation, and it saw the market drop from $8 mark to $6.50 low mark on the day. The crypto continually dropping but on November 21, the market made a fake push northwards and got a reversal eventually below the $8 market line and the 14-day SMA’s trend-line to experience a further decline to the tune of $5.50.

The 50-day SMA is located over the 14-day SMA with a gap between them. The Stochastic Oscillators have penetrated into the oversold zone to consolidate their sitting within it.

Going by indicator reading, the current Stochastic Oscillator’s consolidation movement has indicated that there could still be a room for more downs than ups in the BNB/USD trading in the next coming days. Should the crypto be further pushed southwards, a correction may take place between the territories of $5.50 and $3 which could as well be used by the bulls to accumulate a much needful momentum to rebound back into 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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