๐น 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.
๐ 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.
๐ 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.
๐ 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.
๐ 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.
๐ 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.
๐ Key Support Levels: $530.6, $450.8, and $375.6
๐ Key Resistance Levels: $614 and $679 (the previous ATH). After a move, I'll use Fibonacci to identify potential targets.
โ ๏ธ Also, please remember that I'm just an analyst, and this isn't financial advice.$BNB #BNB_Market_Update
