Binance Coin (BNB) Looking For a Daily Trend Change

December 6, 2019 11:42 PM UTC

BNB has been trading sideways for the past week and the bulls have been rejected twice from the 12-period EMA on the daily chart.

They are currently trying to set a higher low at $14.8, however, it will only be confirmed when the 4-hour chart is in a definitive uptrend. Something that will happen only if the bulls manage to break above $15.88.

The MACD has just crossed bullishly on the daily chart but it’s not enough. The MACD needs to stay like that for a few days in order for the bulls to feel confident and use it as an indicator to buy.

The volume has been slowly decreasing but it’s still high. The RSI is low at 40 points but it will not stop the bears from seeing a bear break.

Longer Timeframes

The weekly chart is still in a rough spot for BNB as the bear flag is still in play. The bulls would need to break above $17 or so in order to nullify the bear flag. The MACD is also looking for a bull cross here but the bulls need a lot more momentum for that to happen.

The monthly chart is clearly the strongest chart for BNB as it is in a clear and robust uptrend. The bulls are looking to set a higher low compared to $4.12. They will need to set a weekly uptrend first in order to confirm the monthly higher low.

The trading volume is clearly in favor of the bulls even though the price of BNB is currently below the 12-period EMA.

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