For a brief analysis on the hourly chart showing the BNB/USDT pair, we will use some of the basic indicators available:
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1. Entry Point:
âą The chart shows that the price has reached a strong support level around 559.5. If the price rebounds from this level, the entry could be at 575.7, taking into account that this matches other indicators such as Bollinger Bands and MACD, which indicate a possible rise.
2. Take Profit Point:
âą The nearby resistance is at 586.8 based on the chart, which is the closest clear resistance level. You can set your profit target at 586.
3. Stop Loss:
âą To reduce the risk, you can place your stop loss below the major support level at 559.5, such as 565 to reduce the risk in case of a decline.
Overall, the buy will be at 575.7, profit target at 586, and stop loss at 565.
