BNBUSD Sellers Attack the $284.00 Demand Level

The strong bullish trend of BNBUSD halted in November after the sighting of a long rejection candle. The market purged profusely as the price declined rapidly to $254.00. There was a countertrend movement that was short-lived in November. The price spiked from $254.00 to the bearish mitigation block price of $315.00. This fostered a bearish displacement to $220.00. The bullish order block resting at $254.00 failed to hold.

The buyers regained control of the market at the $220.00 support level. The price rose from the 16th of December to February. The Bulls experienced difficulty pushing through $315.00. A bearish shift in market structure played out in February. A bearish trendline is currently leading the sellers to attack the $284.00 support level.

BNBUSD Key Levels

Support Levels: $284.00, $254.00, $220.00
Resistance Levels: $315.00, $333.00, $360.00

In November, the Stochastic indicator revealed the Bears were ready for a selloff. The Parabolic SAR (Stop and Reverse) immediately confirmed the bearish reversal. The points of the Parabolic SAR aligned above the daily candlesticks from November to the end of the year. The Stochastic was very sensitive to the retracement as it indicated the price was overbought at $315.00.

After the market dived to the support level of $220.00, the Stochastic showed an oversold market. The Parabolic SAR (Stop and Reverse) confirmed the new bullish trend immediately. The points rested beneath the candlesticks till the supply level of $333.00 was hit. The market has now turned bearish on the daily chart as the points have switched positions to dominate the candles. The support level of $284.00 remains threatened under the Parabolic SAR (Stop and Reverse).

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