BNB/USD Long-term Trend – Bullish Distribution territories: $11, $12, $13 Accumulation territories: $6, $5, $4

On February 4, Binance Coin market strived to beef up its driving force against the US dollar. On its succeeding day, the crypto visibly continued to surge higher northwards to eventually touch past $9 last week’s immediate distribution territory briefly on February 9.

The market line has actively been trading around the $9 horizontal point. Both the SMA indicators seemingly point towards north than an east direction in their outlook. The 14-day SMA still maintains an upper location over the 50-day SMA. The Stochastic Oscillators are found consolidating around range 80 closely to the overbought zone.

The market may soon be witnessing a pit-stop between $9 and $7 marks, and during that presumed course, there may be short ups and downs. A breakdown through the 14-day SMA southwards may not be finding it easier against the 50-day SMA to freely make a smooth passage in favor of bears. Whilst that even happens, it may allow the bulls to re-find its foundation for anew decent entry.

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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