Technical Analysis for $BNB

/USDT:

Current Price: $701.96

24-Hour Price Change: -2.81%

Trend Analysis:

Short-Term Trend: Bearish, with price down from the 24h high of $745.29.

Medium-Term Trend: The price is trading closer to the lower end of the range ($700).

Momentum: The current bearish momentum suggests caution, with the price below the recent high, and buying volume is slowing. RSI (Relative Strength Index) might be pointing to oversold conditions, but this may still be part of a consolidation phase.

Key Support and Resistance Levels:

Support: Around $700 (recent low), if price breaks below, next support at $680.

Resistance: First resistance at $710, followed by a stronger resistance at $730.

Trade Signal:

Entry: Wait for a bullish confirmation, ideally above $710.

Target Levels (🎯):

1. 🎯 Target 1: $720 - First resistance point where taking partial profits may be wise.

2. 🎯 Target 2: $730 - Intermediate resistance.

3. 🎯 Target 3: $745 - Strong resistance; potential area for reversal or profit-taking.

Momentum:

The current momentum appears to be downward in the short term but could shift if price breaches $710 with strong buying pressure. Caution is advised with clear stop losses in place if short-term volatility increases.

Suggested Trade Strategy:

Bullish Bias if price breaks $710 and holds above.

Consider Stop Loss near $695 to manage risk in case of further declines.

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