BNB price analysis for 19 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 first day of this week, it seems that sellers take control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI is still under 50.
BNB price analysis on the Daily Chart 19 September 2022
By diving into the daily timeframe, the price fluctuates in a downtrend below the 50 SMMA line ($288.3). 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.
In the 4-hour chart, BNB dropped under the 50 SMMA ($280). The Volume Profile indicator determines $278 as a strong trading area, which already has been retested. Now, the price is reaching the previous low.
The 4-hour MACD turns negative. 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 an upside move is very likely.
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