BNB/USD has turned lower the past day of trading and is edging towards support levels, which may spark additional nervous sentiment among speculators.
BNB/USD is traversing below the 400.0000 level as of this writing, and the past few days have seen some downward pressure emerge as resistance has proven durable. The broad cryptocurrency market has turned in correlated declines like Binance. If BNB/USD is not able to sustain prices above the 400.0000 level in the near term this could be a troubling bearish signal.
On the 8th of February, BNB/USD was near 445.0000, and on the 10th the cryptocurrency reached a high of approximately 435.0000, and it is a clear technical downward slope has been on display the past week. Optimistic bullish speculators may look at the selloff that has been exhibited short term as a buying opportunity and they may point to current price levels as consolidation. However, if BNB/USD begins to challenge the 387.0000 to 385.0000 prices below this may spark another wave of nervous sentiment.
On the 3rd of February, BNB/USD was trading near the 360.0000 mark and on the 22nd and 24th of January, Binance hit lows which tested the 340.0000 ratio. A move back into the price range that saw the biggest amount of skittish behavioral sentiment during the end of January and early February would not be a promising reminder for traders who have bullish outlooks.
Traders with a longer term perspective and who can hold positions for solid durations of time will certainly have a different perspective compared to short term traders. While BNB/USD has been able to climb higher since its strong selling on the 21st and 22nd of January, its gains still haven’t proven that Binance can break completely out of its mid-term bearish trend.
In early trading this morning, the broad cryptocurrency market does appear rather nervous as many of the major cryptocurrencies exhibit selling momentum. Short term traders who believe additional downside price action is going to develop may want to aim for the 390.0000 level as a quick hitting selling target. Traders are reminded not to be overly ambitious and to use a conservative amount of leverage.
If BNB/USD does break above the 402.0000 ratio and begins to challenge the 405.0000 to 410.0000 levels this could be an encouraging sign for bullish traders. However, technical charts may indicate that the potential for stronger price action downwards could be a tactic speculators may want to consider as a potential short term wager if they keep their goals realistic.
Binance Coin Short-Term Outlook
Current Resistance: 402.0000
Current Support: 387.0000
High Target: 418.0000
Low Target: 367.0000
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