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BNB/USD Long-term Trend – Ranging
Distribution territories: $13, $15, $17
Accumulation territories: $8, $6, $4
BNB/USD still moves in continuation of the last price ranging movements as been featuring within the same range-bound zone a couple of weeks back. The last October 11 market decline has remained the major effect on the crypto’s trading stance until present.
The Binance Coin market has now been fluctuating between $10 and $9 price territories. The two SMAs have conjoined a bit above the $10 price territory. The Stochastic Oscillators have touched range 20. They now appear to start a consolidation moving mode around it. This depicts that the crypto is mustering a strength that may either turn on a bullish trend or a bearish market continuation condition.
The market trending direction of this crypto is still expected to be slightly driven southwards so as to let the crypto have a strong foundational base for its upward stride in the market. The $9 and $10 price territories are worthy of looking out for while a presumable reversal price action takes place against those two price lines. Traders may join the market by entering a long position while that assumption plays out accordingly.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.