BNB price analysis for 20 October 2022

BNB price analysis for 20 October 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 fourth day of this week, it seems that sellers control 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 20 October 2022

By diving into the daily timeframe, the price fluctuates in a downtrend. The price dropped under the 50 SMMA line ($283). Afterwards, the price reached the $260 area which has been rejected. The movement seems to be more neutral.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is still negative.

The Daily RSI fluctuates under 50.

In the 5-hour chart, BNB encounters previous resistance areas. The price fluctuates below the 50 SMMA ($275.5) after rejecting it. The Volume Profile indicator determines $277.4 as a strong trading area.
The 5-hour MACD slightly turns negative. The 5-hour RSI fluctuates below 50.

Conclusion

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, it seems that sellers take control of the price and try to lead it back to previous lows. The movement is more neutral as the price fluctuates in a flat consolidation.

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