Lorenzo Stroe
Independent Analyst
- After a notable rally towards $19 on July 13, BNB started consolidating.
- BNB defended the daily 26-EMA and bounced back up but got rejected at $19 again.
This latest rejection from BNB could mean a crash is imminent but only if the bears get enough continuation. So far, the daily 12-EMA remains as the most important support level, located at $17.82. Binance Coin price is currently at $18.35, so not that far away.
BNB/USD daily chart
The rejection doesn’t change much in the short-term as the daily uptrend remains intact. The RSI has cooled off while the MACD continues bullish. BNB could establish a higher low compared to $16.54 and create a daily equilibrium pattern which would benefit the bulls in the current situation.
BNB/USD 4-hour chart
The rejection isn’t a problem for now as bulls are defending the 12-EMA on the 4-hour chart.
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