Binance Coin (BNBUSD) declined in its recent intraday trading, under negative pressure from continued trading below the 50-day simple moving average and the dominance of a short-term corrective downtrend. The recent drop confirmed a breakdown below the neckline of a bearish technical formationnamely, a head and shoulders pattern. This decline is further supported by bearish signals from the Stochastic, despite it reaching extremely oversold territory.

Therefore, we expect the price to decline in upcoming intraday sessions, as long as resistance at $815.00 holds, targeting the support level at $707.00 as the projected target of the head and shoulders pattern.

Todays price forecast: Bearish.