Binance Coin BNB price analysis, 9 May 2019; longterm bears ruling

The long term outlook on the Binance and US dollars indicates increased market momentum. Binance’s market has been on the increased market momentum since the month of February 2019.

The increased market momentum made the coin hit the twenty-six dollars ($26) price mark in April. An evening star candle pattern is starting to form as the price slowly declining from twenty-six dollars ($26) to twenty-one dollars ($21).

Binance Coin BNB price analysis, 9 May 2019; longterm bears ruling 2Binance Coin BNB price chart created with Trading View

The twenty-one dollars ($21) price is where Binance and the US dollar unified. At the beginning of May, the increased market momentum caused the prices to surge once again causing the formation of a Doji candle.

This price surge aimed to be the price levels back at twenty-six dollars ($26) after twenty-one dollars ($21).

After this, the market momentum started to decline and made the price value land at a stable demand value of nineteen dollars ($19).

Binance Coin BNB price analysis, 9 May 2019; longterm bears ruling 3Binance Coin BNB price chart created with Trading View

Binance’s prices are between a twenty-one and fifty exponential moving average. This indicates that the decreased market momentum is expected to continue.

As of now, the Moving Average Convergence Divergence period also indicates a further continued decrease in binance prices.

If the decreased market momentum continues to decline even further, then the nineteen dollars ($19) price levels might be broken by the sixteen dollars ($16) price level.

The short term outlook on the Binance and US dollars indicates that the pair is going to be suffering from a decrease in market momentum. The first stable price range was between twenty-one dollars ($21) and twenty-three dollars ($23).

This did not last long, and the price increased to twenty-six dollars ($26). An inverted pin bar was noticed which indicates a bearish reversal candle pattern.

The price started to lean towards nineteen dollars ($19) just after hitting the price range between twenty-one dollars ($21) and twenty-three dollars ($23).

Advertisements