🚀 $BNB /USDT Technical Analysis & Trade Setup
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🔍 Market Overview:
BNB/USDT is currently trading at $616.71, down 4.27% in the last 24 hours. After testing the $645 resistance, the price retraced towards the $600 support level, creating a short-term opportunity for traders.
🔧 Technical Indicators:
1️⃣ EMA Analysis: BNB remains below the 50 EMA, signaling short-term bearish momentum.
2️⃣ MACD: Bearish crossover observed, suggesting potential downside movement.
3️⃣ Bollinger Bands: The price is near the lower band, indicating a possible short-term recovery or further dip if momentum persists.
📈 Short Trade Setup:
Entry: $616.71 (current level)
Targets:
🎯 Target 1: $605
🎯 Target 2: $593
🎯 Target 3: $580
⛔ Stop Loss: $630 (above key resistance).
💡 Risk Management: Ensure proper position sizing and adhere to stop-loss levels to minimize risk.
📊 Market Sentiment: Monitor trading volume and Bitcoin’s movement to confirm direction.
Trade with caution. DYOR!