Binance Coin Makes Lower Highs and Lower Lows, Continues Its Bearish Run

During the December 4 dip, the altcoin hit a low of $461 as bulls bought the dips. Buyers pushed the cryptocurrency to a high of $616, while bears sold the rallies. Binance Coin is likely to fall lower if the bearish pattern continues. Today, the altcoin hit a lower high of $550 as selling pressure picked up. A subsequent decline could reach the low of $478.

Binance Coin indicator reading

Given the recent decline, BNB is at level 43 on the Relative Strength Index for period 14, which means it is in a downtrend and can fall lower. It is below the 50% area of the Stochastic on the daily chart. BNB/USD is in a bearish momentum.

Technical indicators:  

Major Resistance Levels - $700 and $750

Major Support Levels - $400 and $350

What is the next direction for BNB?

The cryptocurrency is in a downtrend as the price is showing a series of bearish patterns. Meanwhile, on November 26, the downtrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BNB will fall to the 2.0 Fibonacci extension level, or $434.90. From the price action, BNB is falling after the recent low.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.