BNB/USD is traversing near important short-term support, and the potential combination of troubling behavioral sentiment may spark volatile conditions near term.
BNB/USD is trading above 294.0000 as of this writing and it is within sight of important short-term support levels. While Binance Coin has certainly risen off of lows seen this time last week, when BNB/USD briefly spiked to lows beneath the 224.0000 ratio, nervous trading conditions remain abundant and speculators should brace for the potential of additional volatile days ahead.
BNB/USD is near crucial lows and if the 290.0000 mark becomes vulnerable in the short term another dose of strong selling could erupt. Speculators with their eyes on upside price action based on the notion the cryptocurrency market remains oversold, may want to keep their ambitions in check and use fast hitting take profit orders when higher moves have attained perceived technical resistance to cash in their profits. From a behavioral sentiment viewpoint the broad cryptocurrency market appears to be fragile.
The risk reward scenarios for technical traders based on the strong bearish trend which have been loud and clear in the marketplace short and long term, underscores the potential for further moves downward. The ability of BNB/USD to climb off of last week’s low water marks was impressive, but Binance Coin has shown limited ability to climb above and sustain prices over the 300.0000 realm in the short term and continues to look rather weak.
Speculators who believe BNB/USD will explore lower depths may want to remain conservative, and launch their selling positions after a brief run higher towards anticipated resistance levels. Because of the widespread nervous conditions which have been demonstrated in cryptocurrencies the past week, traders need to remain cautious regarding the use of leverage and entry price orders are definitely urged. Selling BNB/USD and looking for support levels near the 293.0000 to 291.0000 ratios could prove to be a solid worthwhile wager short term.
If broad market nervousness spills over into BNB/USD again and support near the 290.3500 level begins to falter this could set off alarm bells among speculators. A move below the 289.0000 mark could spur greater price velocity in the near term. If selling pressure mounts a retest of the 278.0000 price junctures would not be a surprise. Yesterday’s trading, and the previous two days have produced incrementally lower resistance levels which is a potential negative price signal for Binance Coin.
Binance Coin Short-Term Outlook
Current Resistance: 301.4500
Current Support: 290.3500
High Target: 311.1500
Low Target: 271.0000