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BNB/USD has mirrored its major crypto counterparts with a nosedive this morning towards important support, as trading conditions have displayed nervousness.
Volatile conditions seemingly are ahead today for the broad cryptocurrency market, and BNB/USD is mirroring the nervous sentiment early this morning. As of this writing, BNB/USD is near the 219.0000 level with fast price action. A sharp downturn has been exhibited across the board in the cryptos. Selling in the broad market yesterday has turned into greater price velocity downwards today.
Certainly BNB/USD like its major counterparts could reverse higher, but a lack of buyers appears rather evident as Binance Coin has shown little in the way of ability to stage a strong move higher. BNB/USD is still lurking near important support levels and this morning’s breach of the 220.0000 may have sparked some additional selling. If BNB/USD is not able to climb above the 220.0000 with a sustained move and challenge short term resistance slightly below the 221.0000 juncture this could be a negative indicator.
Skeptics still seem to outnumber optimists within the broad marketplace, and BNB/USD is a reflection of the large digital asset world because Binance Coin serves as the ‘token’ for the Binance exchange which is powerful part of cryptocurrency eco-system. If BNB/USD continues to see pressure downward, the 219.0000 to 218.0000 should be monitored if this range begins to produce price action. A move below the 218.0000 level if it is sustained could signal additional selling will mount quickly.
The five day chart is clearly showing that BNB/USD is testing lows, but if a one month chart is used by technical traders it becomes clear there are potential lower depths that can be explored. BNB/USD is a fast moving cryptocurrency under normal conditions, but if the digital landscape becomes exceptionally volatile near term, Binance Coin can produce sudden spikes which can be dangerous.
Traders should use entry price orders to ignite trades today and conservative leverage is urged. Traders who aim for lower targets by shorting BNB/USD when it comes close to resistance which proves durable may be making a worthwhile wager. Selling Binance Coin near the 220.4000 to 220.7000 levels could be considered if present conditions are maintained by conservative speculators. Traders should not be overly ambitious with their targets, but aiming for the 219.0000 to 218.5000 levels may prove to be opportunistic.
Traders should monitor not only Binance Coin this morning if they are considering a short position of BNB/USD, but also its major counterparts. If other major cryptocurrencies continue to show weakness today, BNB/USD could be ready to fall to lower depths again.
Binance Coin Short-Term Outlook
Current Resistance: 220.9600
Current Support: 219.0900
High Target: 228.7500
Low Target: 204.1000
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