💹 Let's dive into the analysis of Binance Coin (BNB), one of the top-ranking and popular cryptocurrencies. We'll look for new entry and exit points to maximize our profits in this market.
📝 Background: As you might know, BNB is the native coin of Binance, the largest cryptocurrency exchange. Many activities on Binance can be conducted using BNB, making it a strong backbone for the exchange.
🔍 Weekly Time Frame Analysis: On the higher time frames, BNB's chart is predominantly bullish. It found strong support at $204, its critical support level, and nearly reached its All-Time High (ATH). Currently, BNB is oscillating between $614.5 and $530.6.
📊 Market Influence: Recently, BNB has been a key driver of market movements. Unless BNB confirms a rise or fall, the market tends to avoid deep corrections. For instance, when BNB was around $204.2, the broader market did not experience a significant drop. Crypto players helped BNB maintain this crucial support level.
📉 Short Position Strategy: For now, we need to wait for BNB to lose its crucial support at $530.6. If it does, we can consider opening short positions in lower time frames, recognizing that the zone between $614.5 and $530.6 acts as a distribution zone. This could be the first significant move downward.
📈 Long Position Strategy: Our resistance level is clearly defined. Given that BNB barely corrected during recent market pullbacks and remained in a range, we can open long positions once it surpasses $614.5. However, note that each time BNB hit this resistance, the volume decreased, indicating reluctance to let this resistance break. Therefore, we need increasing volume as BNB approaches this level again for a long entry.
💼 Personal Position: I bought BNB after it broke $255.7 and $327.9 and am currently holding. If you entered at similar points, consider holding too, but set a stop loss below $530.6 to exit and secure profits if needed.
📚 New Entries: If you haven’t bought yet or wish to re-enter, wait until the current range resolves. $614.5 is a strong and logical entry point. Ensure you study the project to strategize increasing your BNB holdings during the journey.
📉 Market Corrections: If the market corrects, Fibonacci levels and their reactions can provide logical entry points, such as supports at $485, $450, $418, and $375. This analysis will be updated as we reach these points, and I'll provide new entry points accordingly.
📅 Market Watch: Despite BNB’s recent range-bound behavior, it might surprise us soon. Keep a close watch on the market daily or weekly, as we are at critical points.
📊 Key Support Levels: $530.6, $450.8, and $375.6
📈 Key Resistance Levels: $614 and $679 (the previous ATH). After a move, I'll use Fibonacci to identify potential targets.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📝 Background: As you might know, BNB is the native coin of Binance, the largest cryptocurrency exchange. Many activities on Binance can be conducted using BNB, making it a strong backbone for the exchange.
🔍 Weekly Time Frame Analysis: On the higher time frames, BNB's chart is predominantly bullish. It found strong support at $204, its critical support level, and nearly reached its All-Time High (ATH). Currently, BNB is oscillating between $614.5 and $530.6.
📊 Market Influence: Recently, BNB has been a key driver of market movements. Unless BNB confirms a rise or fall, the market tends to avoid deep corrections. For instance, when BNB was around $204.2, the broader market did not experience a significant drop. Crypto players helped BNB maintain this crucial support level.
📉 Short Position Strategy: For now, we need to wait for BNB to lose its crucial support at $530.6. If it does, we can consider opening short positions in lower time frames, recognizing that the zone between $614.5 and $530.6 acts as a distribution zone. This could be the first significant move downward.
📈 Long Position Strategy: Our resistance level is clearly defined. Given that BNB barely corrected during recent market pullbacks and remained in a range, we can open long positions once it surpasses $614.5. However, note that each time BNB hit this resistance, the volume decreased, indicating reluctance to let this resistance break. Therefore, we need increasing volume as BNB approaches this level again for a long entry.
💼 Personal Position: I bought BNB after it broke $255.7 and $327.9 and am currently holding. If you entered at similar points, consider holding too, but set a stop loss below $530.6 to exit and secure profits if needed.
📚 New Entries: If you haven’t bought yet or wish to re-enter, wait until the current range resolves. $614.5 is a strong and logical entry point. Ensure you study the project to strategize increasing your BNB holdings during the journey.
📉 Market Corrections: If the market corrects, Fibonacci levels and their reactions can provide logical entry points, such as supports at $485, $450, $418, and $375. This analysis will be updated as we reach these points, and I'll provide new entry points accordingly.
📅 Market Watch: Despite BNB’s recent range-bound behavior, it might surprise us soon. Keep a close watch on the market daily or weekly, as we are at critical points.
📊 Key Support Levels: $530.6, $450.8, and $375.6
📈 Key Resistance Levels: $614 and $679 (the previous ATH). After a move, I'll use Fibonacci to identify potential targets.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.