The BNBUSDT took a bearish direction for a while now, but it seems that the trade momentum is slowing down, since the beginning of this week; this will enable the market to gain strength, for a possible bullish or bearish continuation in the long run.
Supply levels: $32.3, $33.7, and $31.4
Demand levels: $28.7, $29.8, and $31.4
BNBUSDT Trends: Ranging
The pair has been on a counter trading mode for a while, even though it still favoring the bearish outlook. The price reached the resistance at the demand level of $28.7. Since then it has been on the side-ways, moving within the supply price level of $32.3 and the price demand of $29.8.
The indications on the 4-Hour chart show that the pair has not broken out of the channel, thereby, confirming the ranging market. If the coin breaks out from the channel up or downtrend line, it will further, consolidate the former or institute a new market direction.
BNBBTC Market Analysis
The market for some time looks, bearish, but within the 4-Hour spectrum, it is in a counter-trending mode. The bearish acceleration was cut short after the hit a resistance.
The Stochastic Indicator on the chart shows that the market has been on the side-ways for a while. It is also hovering within the channel bounce. The Pivot Reversal Arrow Indicator is still pointing up on the chart, but caution must still be within the range of the channel. A strong market direction will be confirmed when the price breaks out of the channel, in either way.
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