BNB/USD has produced a significant amount of volatility as it has correlated to the broad cryptocurrency market which remains nervous.
Binance Coin is around 373.0000 USD in early trading this morning after challenging lower depths late last night. BNB/USD has correlated to the broad cryptocurrency market which has seen a fresh wave of nervous selling surge in the past three days. On the 1st of March, BNB/USD looked like it was about to renew an attempt to break out of its bearish trend, when it touched a high of approximately 423.0000.
However, BNB/USD has incrementally traded lower since then, and its choppy conditions have grown into a rather stern reminder that long-term bearish conditions remain prevalent. This morning’s lows of nearly 366.0000 tested depths not seen since the 28th of February. Support levels appeared to hold for the time being, but if another track lower begins to be demonstrated and the ratio of 365.0000 is flirted with, this could set off another wave of nervous conditions which could test mid-term lows.
From a risk reward perspective, taking into consideration the amount of tension that is shadowing cryptocurrencies and other financial assets as the week begins, looking for BNB/USD downside price action to emerge may prove to be the logical wager. While higher resistance levels are certainly nearby, the mark of 376.0000 will have to become vulnerable and surpassed. Until the 379.0000 ratio is actually traversed, traders may remain skeptical of upside momentum.
Yes, just yesterday BNB/USD was trading near the 385.0000 juncture, but this level saw a quick reversal lower when it was approached. Perhaps a speculator with short term ambitions and the ability to wager on quick hitting buying positions may want to bet on a move higher they believe will flourish, but headwinds may continue to be strong in BNB/USD, particularly if the broad cryptocurrency market remains within a negative mode in the near term.
Short-term sellers of BNB/USD should use risk-taking tactics wisely. Entry price orders are urged because BNB/USD can produce fast moves. Looking for further downside movement may be a solid speculative decision. If support levels at 372.0000 fail to hold back selling, then a sincere test of the 370.0000 could emerge. If the 369.0000 mark proves to be attractive and prices of Binance Coin remain around this lower level, there is reason to suspect additional selling will be demonstrated in the near term.
Current Resistance: 379.9500
Current Support: 369.2500
High Target: 387.5200
Low Target: 356.0000