BNB price analysis for 16 September 2022, BNB, the third largest cryptocurrency based on market cap, is in a downtrend since November 2021. The downtrend broke in August but the 50 weekly SMMA stood as resistance. On the fifth day of this week, it seems the pressure between sellers and buyers is trying to balance, based on the weekly Heikin Ashi Candlestick. The weekly MACD and the RSI are still in negative areas.
BNB price analysis on the Daily Chart 16 September 2022
By diving into the daily timeframe, the price broke above the downtrend trendline but quickly rejected the 50 SMMA line ($289.5). Finally, the price ends fluctuating on the trendline of the previous downtrend.
The TFLOW Beta Algo has already generated a Short signal and a TP signal as the buyers pushed the price higher.
The Daily MACD indicator turns negative.
The Daily RSI fluctuates below 50 which confirms a bearish momentum.
The 50 Daily SMMA stands above the price and tries to become resistance.
In the 4-hour chart, BNB broke under the 50 SMMA ($283.9) and tries to enter the downtrend. The Volume Profile indicator determines $279 as a strong trading area. A retest back to the 50 SMMA is possible.
The 4-hour MACD turns negative, but the lines try to crossover. The 4-hour RSI fluctuates in negative areas below 50 but is close to the oversold zone.
The price of BNB forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In the short-term scale, we identify bearish strength, but the range of price fluctuation requires monitoring, as the bearish and the bullish scenario are just likely.
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