Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Technical analysis: BNB/USDT signals a downturn as bullish momentum weakens By: Invezz January 13, 2024 at 07:20 AM EST BNB/USDT trading strategy Buy/sell asset: Sell BNB/USDTEntry price: $311Stop loss: $320Leverage: 1xTake profit 1: $307Take profit 2: $298Take profit 3: $289Timeframe: 1-2 weeksMaximum profit: 8%Maximum loss: 3%BNB/USDT chart and technical analysisThe bullish pressure on the Binance coin is fading away as the bullish trend line has broken and the price is making lower lows. The trend on the hourly time frame has turned bearish and the market structure is also bearish which indicates further decline.Currently, the price is making a correction after the recent drop and will likely retrace to the $311 resistance level before dropping further. I am considering the $311 resistance level for short entry and my target for this trade is the $289 support level.The $311 is a major level from where the price will likely continue the bearish trend. There is also a bearish order block and fair value gap around the same price area. Moreover, the double top around the same price is another confirmation of a potential drop.Binance Coin fundamental analysisFundamentally, the price can make some rally and will retrace to the $311 resistance level due to the recent optimism in the crypto market, however, the technical indicators indicate further decline ahead.Binance coin to Tether trade idea takeawaysThe price of BNB/USDT is likely to drop further after retesting the $311 resistance level. The price is likely to drop to the $289 support level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:2.5.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Technical analysis: BNB/USDT signals a downturn as bullish momentum weakens appeared first on Invezz Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Technical analysis: BNB/USDT signals a downturn as bullish momentum weakens By: Invezz January 13, 2024 at 07:20 AM EST BNB/USDT trading strategy Buy/sell asset: Sell BNB/USDTEntry price: $311Stop loss: $320Leverage: 1xTake profit 1: $307Take profit 2: $298Take profit 3: $289Timeframe: 1-2 weeksMaximum profit: 8%Maximum loss: 3%BNB/USDT chart and technical analysisThe bullish pressure on the Binance coin is fading away as the bullish trend line has broken and the price is making lower lows. The trend on the hourly time frame has turned bearish and the market structure is also bearish which indicates further decline.Currently, the price is making a correction after the recent drop and will likely retrace to the $311 resistance level before dropping further. I am considering the $311 resistance level for short entry and my target for this trade is the $289 support level.The $311 is a major level from where the price will likely continue the bearish trend. There is also a bearish order block and fair value gap around the same price area. Moreover, the double top around the same price is another confirmation of a potential drop.Binance Coin fundamental analysisFundamentally, the price can make some rally and will retrace to the $311 resistance level due to the recent optimism in the crypto market, however, the technical indicators indicate further decline ahead.Binance coin to Tether trade idea takeawaysThe price of BNB/USDT is likely to drop further after retesting the $311 resistance level. The price is likely to drop to the $289 support level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:2.5.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Technical analysis: BNB/USDT signals a downturn as bullish momentum weakens appeared first on Invezz