Target and Prices:
• Target: According to the rising price movement and formation break in the visual, 750-800 USDT levels can be targeted in the short term. In the long term, it is possible to reach 850-900 USDT levels.
• Stop-loss: 650-654 USDT levels are important support points. If closing occurs below these levels, the loss can be cut.
Support and Resistance:
• Support Levels:
• 654 USDT (Short-term support).
• 634-650 USDT (Important support area).
• 593 USDT (Main support level).
• Resistance Levels:
• 750 USDT (First target resistance level).
• 800 USDT (Psychological resistance).
• 850-900 USDT (Long term strong resistance).
Indicators:
• Moving Averages (MA): The price is above the 50-day and 200-day moving averages. This indicates that the trend is positive and the upside potential may continue.
• RSI (Relative Strength Index): RSI approaching the overbought region indicates that the price may consolidate for a while but the trend is likely to continue upwards.
• Bollinger Bands: The price is moving towards the upper band. This indicates that volatility may increase and supports upward momentum.
Formations and Formation Reversals:
• Flag Formation: A flag formation exists and an upward breakout has occurred. This indicates that the price may continue its upward movement.
• Trend Support: The price has received a strong reaction from the trend line supporting the flag formation.
Trend Direction:
• The main trend is positive. Rising highs and lows confirm that the trend is upward.
Strategy and Recommendations:
1. Short-Term Investors:
• You can buy by setting the 654 USDT level as stop-loss.
• Profit realization can be made at the level of 750 USDT.
2. Medium-long Term Investors:
• Declines to 634 USDT and below can be considered as an opportunity to increase positions.
• In the long term, 800-850 USDT levels can be targeted.
3. Risk Management:
• Attention should be paid to the increase in trading volume. Without sufficient volume, it may be difficult to break resistances.
• Risk should be minimized by determining stop levels.
Clear and Detailed Comment:
Binance Coin (BNB) is in a strong uptrend and is trying to break through important resistance levels. With the formation completing upwards, the probability of an increase towards 800 USDT levels is quite high. However, if the support levels cannot be maintained, the decline may accelerate. Although indicators and formation support the continuation of the trend, attention should be paid to volatility.