Long

BNB vs USDT: Mastering Price Action for Profitable Trades!

Updated

ALEXGOLDHUNTER Chart Analysis: Binance Coin (BNB) vs Tether (USDT) on Binance (1-Hour Timeframe)
Key Levels and Structures
Break of Structure (BOS):

BOS is marked at multiple points, indicating significant shifts in market structure. For example, BOS is noted around the 20th and 21st of the month.

Change of Character (CHoCH):

CHoCH is marked at several points, indicating potential reversals or shifts in market sentiment. For example, CHoCH is noted around the 21st and 22nd of the month.

Fibonacci Retracement Levels:

Key Fibonacci levels are marked at 0.382 (661.03398), 0.5 (656.655), 0.618 (652.27062), 0.705 (649.04745), and 0.786 (646.04154).

Volume Profile:

The volume profile on the left side shows the distribution of traded volume at different price levels, with higher volume nodes indicating strong support or resistance.

Support and Resistance Zones:

Resistance is noted around the 675-680 USDT range.

Support is noted around the 645-650 USDT range.

Buy Strategy
Entry Point:

Consider entering a buy position if the price breaks above the resistance level around 675-680 USDT with strong volume, confirming a bullish breakout.

Alternatively, look for a pullback to the Fibonacci retracement levels (0.5 or 0.618) around 652-656 USDT for a potential buy entry if the price shows signs of reversal and support.

Stop Loss:

Place a stop loss below the recent swing low or below the 0.786 Fibonacci level around 646 USDT to manage risk.

Take Profit:

Set initial take profit targets at the next resistance levels or psychological round numbers, such as 700 USDT.

Use trailing stops to lock in profits as the price moves in your favor.

VIP Signal Format (lowercase)
entry: 652-656 USDT (buy) tp1: 675-680 USDT tp2: 700 USDT sl: below 646 USDT

Disclaimer
This analysis is for educational purposes only and should not be considered financial advice. Trading cryptocurrencies involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a financial advisor before making any trading decisions.
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