BNBUSD Trend Turns Bullish

BNBUSD has been bearish since the prominent rejection candle appeared above the $360.0 supply zone in November. A lower high that appeared just before December’s opening revealed the bears were in control. The price level of $254.0 failed to hold as the price declined steadily to reach $220.0. A bullish reversal has transpired in the market. The recent highs formed before the test of the demand levels have been invalidated by the push-up of the daily candles. A bullish trendline anchored on two lows has been established to guide buyers for re-entry.

BNBUSD Key Levels

Supply Levels: $316.0, $333.0, $360.0
Demand Levels: $254.0, $240.0, $220.0

What are the Indicators Saying?

The Stochastic revealed the sellers were already exhausted in December. The buyers flooded the market to take advantage of the lower price in the oversold region. The stochastic lines veered toward the oversold area. The Moving Averages (periods 21 and 9) eventually crossed to confirm the new bullish trend. The Moving Average period nine led the way by shifting above the second Moving Average. The market has ascended to the resistance level of $316.0. A pullback to the bullish trend line is likely to support the bulls in their breakthrough of $316.00 to reach $333.00.

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