Cryptocurrencies

BNB technical analysis

BNB seen from the temporality of 1W we can observe how the price has found a strong support zone in the monthly demand located within the price range of 14.80 – 17.55 that we see indicated inside the graph above by the two horizontal black color, the candles have taken a strong impulse that so far maintain a bullish direction, however, we see how the current candle has found resistance in 1W located in the 20.94, also agrees with the resistance of fall that we see indicated in the chart above by the diagonal dark blue, so it is possible that the bulls take a brief break before continuing the movement, the monthly demand is a very strong zone to withstand any setback, however, a break in that zone and we could see a fall towards the second zone of demand located within the price range of 8.35 – 10.69, indicated in the chart above by the light blue rectangle, once we achieve the diagonal resistance break, it is very possible that we will see an upward movement that reaches our first profit target located within the price range of 33 – 39, our second target is located within the price range of 57 – 67, indicated in the chart above also with a light blue rectangle.

BNB seen from the temporality of 1D we can observe more closely the current movement of candles, I have pointed out the major figure through the red diagonals where the price in its retreat has been creating key zones of movement, which has caused us to see the formation of the minor figure that I have pointed out in the chart above through the two diagonals dark blue, I have also pointed out the possible trajectory that the price could follow during the next move, the current candle is marking withdrawal signal, therefore, the probabilities of a move towards the support of the figure are very high, this withdrawal would form us a double floor with which we can continue to rise.

In conclusion, the price has been strongly pushed up after the excellent news this week, when the BTC price goes up is a good time to trade the USDT markets, however, we must pay attention to the range zones during the movements, for now it is advisable to wait a brief retreat to demand zone where the price will signal us to continue and we can look for the break of resistance diagonally and go for our profit targets that we can see in the 1W chart, the volume remains high, it is currently at $251,790,506 for the last 24 hours, this is why I recommend to be very attentive to the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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