🚀 BNBUSDT Breakout & Retest Opportunity!
📉 On the daily chart, Binance Coin (BNB) recently broke above a critical resistance zone at $710–$705, confirming a bullish breakout. After this breakout, the price is showing signs of retesting this zone, which is now acting as a key support area. This setup is providing a classic “breakout-and-retest” scenario that traders often watch for trend continuation opportunities. 📈
🔍 Current Plan:
My strategy here is to wait for the market to retest the resistance-turned-support zone around $710–$705 and then look for confirmation of upward momentum. If the price shows bullish candlestick patterns like a strong rejection wick or engulfing candles in this zone, I'll consider entering a long position.
💡 Why This Zone Is Crucial:
1️⃣ Historical Resistance: This zone has consistently acted as a strong resistance level, with multiple rejections in the past.
2️⃣ Trendline Support: A rising trendline has been guiding BNB upwards, and it aligns closely with this price level, reinforcing its importance.
3️⃣ Bullish Momentum: After breaking above this level, BNB established a higher high, indicating that buyers are stepping in aggressively.
💥 If this bullish momentum continues, the next potential targets could be around $730–$750 or even higher, depending on broader market strength. However, if the retest fails and the price dips below $705, the bullish bias could be invalidated.
💭 What’s Your Take?
Do you think BNB will hold the $710–$705 level and surge higher? Or is a deeper correction on the horizon? Share your thoughts in the comments!👇
