BNB Experiences Contention at the 315.0 Resistance Level

BNBUSD has reached buy-side liquidity at $315.00. The buyers are currently flexing their muscles after being bullied by the sellers. After a stop-hunt above $333.00, the bears took control of the market at $360.00. The bears drove the market to $220.00 with only a temporary pause at $254.00. The bulls used the demand level of $220.00 to ascend. A rejection candle revealed the rejection at the support level. The buyers are currently facing resistance at the $315.00 supply zone. The daily candles are presently assembling sideways beneath the resistance level. The first strike of the resistance level of $315.00 fostered a retracement. The bulls used the immediate bullish order block to strike a second time. The second strike on January 24 led to a break of structure (BOS).

BNB Key Levels

Demand levels: $254.00, $240.00, $220.00
Supply Levels: $315.00, $333.00, $360.00

What Are the Indicators Saying?

The Average Directional Index reveals the strength of the bullish trend. The bulls are active, as the ADX has risen from below 20 to 40 during the uptrend. The Stochastic indicator is currently moving out of the overbought zone. A retracement to the steep bullish trendline is anticipated to gather bullish momentum to break the $315.00 resistance zone. The liquidity pool resting at $360.00 still appears to be the target of the buyers.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Mary Ann Callahan

• 

  Rebecca Clinton-Floyed

• 

  mattcollom

• 

  ActivTrades