- The bears are in the dominance of the long-term outlook of the cryptocurrency.
- Traders may look to sell at price exhaustion area with bearish candlestick.
BNB/USD Long-term Trend: Bearish
Supply zone: $50.00, $70.00, 90.00
Demand zone: $10.00, $8.00, $6.00
BNBUSD is in a bearish trend in the long-term outlook. The close of the daily candle on 2nd June as a doji nullify the bulls’ journey to the upperline of the channel. Hence the return of the bears with a large bearish candle at $50.00. BNB dropped initially to $29.61 breaking the 10-EMA a support area and later to $28.06 in the demand area on 4th June.
The week saw brief bulls return with the cryptocurrency price up at $32.84 in the supply. This should be seen as a market correction and a confirmation of the bearish continuation.
The new week is starting bearish with price break down at the trendline and a drop in price to $50.00 in the demand area. A close below the line will open the support at 50-EMA for a retest i.e $27.55 with $20,00 in the demand area as the second bears’ target.
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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