Based on the 1-hour chart of BNB/USDT
$BNB Directional Bias: Bullish (Correction Likely Completed)
Price Action Justification:
1. Trendline Support Respect:
Price pulled back into the ascending trendline and showed a rejection wick around the 61.8% Fibonacci retracement, which suggests strong buying interest.
This level often acts as a high-probability reversal zone in uptrends.
2. Healthy Pullback in Bullish Structure:
The market remains in a clear uptrend with higher highs and higher lows.
This pullback resembles a bullish flag or ABC corrective structure, now potentially resuming the uptrend.
3. Key Candle Reaction (Wick Rejection):
The latest candle has a long lower wick, indicating that buyers stepped in aggressively at the 650–652 zone.
4. Fibonacci Confluence Zone:
The 61.8% retracement (around 652) aligns with trendline support, creating a technical confluence.
A bounce here is a typical buy-the-dip opportunity in a trending market.
Key Levels to Watch:
Immediate Resistance:
655.30–656.50 (38.2% Fib + recent support now acting as resistance)
669.40 (swing high)
Support Levels:
652.00 (current bounce area & 61.8% Fib)
645.00 (78.6% Fib)
Break below 645 invalidates short-term bullish bias
Strategy Summary:
Bias: Bullish continuation above 652 support
Setup Idea: Long entries on confirmation candle above 656.50 or retest near 652 with target at 668–670
Invalidation: Strong 1h candle close below 645
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