#pit
#chart
#bnb
1D
BNB broke above the 50-day MA $406 on March 1 but the long wick on the candlestick indicates selling at higher levels. The bulls again pushed the price above the 50-day MA today but are struggling to sustain the higher levels.
This indicates that the bears are trying to defend the 50-day MA. If the price turns down from the current level but does not break below the 20-day EMA $391, it will suggest that bulls are buying on dips.
That will improve the prospects of a break and close above the 50-day MA. If that happens, the BNB could rally to the overhead resistance at $445.
This positive view will invalidate in the short term if the price breaks and sustains below the 20-day EMA.
