BNB price analysis for 21 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 third 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 21 September 2022
By diving into the daily timeframe, the price fluctuates in a downtrend below the 50 SMMA line ($287.6). Be aware of today’s FOMC statement, as volatility is expected in the market.
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 is located under the 50 SMMA ($278). The Volume Profile indicator determines $278.9 as a strong trading area. The price still fluctuates below these resistance areas but also fails to drag lower.
The 4-hour MACD is negative with a positive histogram. The 4-hour RSI fluctuates in negative areas below 50.
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 observe that buyers are relatively strong as the price forms a neutral movement.
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