BNB price analysis for 6 September 2022

BNB price analysis for 6 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. Additionally, this week it seems that BNB is under sellers’ pressure 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 for 6 September 2022

By diving into the daily timeframe, we identify that the price is in a downtrend, but also a weakness to continue lower.

The TFLOW Beta Algo has already generated 1 (green) TP signal of the possible top.

The Daily MACD indicator fluctuates in negative numbers which indicates bearish pressure.

The Daily RSI fluctuates below 50 which confirms a bearish momentum.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 4-hour chart BNB is consolidating between the 50 SMMA (285.2$) and the Volume Profile indicator (277.6$).

The 4-hour MACD line and signal line are still negative, but the 4-hour RSI fluctuates over 50.

Conclusion

The price of BNB forms a bearish momentum in medium term scale as the technical analysis and the indicators coincide. In short-term scale, we identify many bullish strength indications as the price denies dropping lower.

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