technical analysis for the $BNB /USDT pair along with trade signals and three target levels:
Current Price: $683.69
24h High: $704.92
24h Low: $649.13
Recent Price Action: The price has recently experienced a slight downward momentum (-0.82%) from its 24h high. Currently, it is trading closer to the middle range between the 24h high and low.
Indicators:
1. Support & Resistance:
Support: $649.13 (24h Low) - A strong support level is around $650.
Resistance: $704.92 (24h High) - The price may face resistance near this level.
2. Relative Strength Index (RSI):
RSI is likely to be around 40-45, indicating slight bearish momentum but not oversold, which suggests that there could still be some room for the price to dip before a potential reversal.
3. Moving Averages:
Short-Term (50 MA): Showing slight bearish slope as it is trending below the current price, suggesting weak momentum.
Long-Term (200 MA): Still above the current price, supporting the long-term bullish view.
Trade Signals:
Short-Term Momentum:
Sell Entry: If the price breaks below $680, there could be more downward momentum towards the $649 level.
Stop Loss: Set at $705 to protect from any aggressive upward movement beyond the 24h high.
Target Levels:
First Target (T1): $660 - Immediate support level; watch for price reaction here.
Second Target (T2): $645 - Stronger support from previous low.
Third Target (T3): $630 - A further retracement to the downside if the selling pressure continues.
Momentum: Bearish with slight consolidation. Watch for any price action breaking the $680 level for confirmation of further downside.
Trade Strategy:
1. Short Trade: If the price breaks below $680, enter a short position. Use $705 as your stop loss for risk management.
2. Target 1: $660 for the first level of support.
3. Target 2: $645 if the bearish momentum continues.
4. Target 3: $630 if the market shows deep retracement.