BNBUSD Consolidates after a Bullish Breakout
By
Azeez Mustapha
PUBLISHED:
Nov 03 2022 @ 01:59
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More info about Azeez Mustapha
BNBUSD has been on a downward trend since a significant high was formed at $689.0 in November. The market descended steadily below the moving averages (periods eighty-nine and two hundred). The market dipped as low as $186.9 this year. The ascent from the $186.0 demand level marked a breakout from the bearish channel in July. The market has been trapped between $339.0 and $255.0 since the breakout.
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Demand Level: $255.0, $215.0, $186.0
Supply Level: $339.0, $446.0, $689.0
What Are the Indicators Revealing?
The daily candles have risen above the Moving Averages. The past few days have been mostly bullish on BNBUSD. The Average Directional Index (ADX) reveals that the strength of the rally is weak. This might lead to a failure to break out of the $339.0 supply zone. A pullback is expected from $339.0 towards $255.0 to gather strength for a breakout.
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