$ BNB | How do i expect to see BNB in coming weeksBINANCE:BNBUSDT
Here with another speculation about crypto assets. This time Binance coin with BNB ticker. Let’s take a look at the project’s information:
Launched in July 2017, Binance is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. The idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance.
Aside from being the largest cryptocurrency exchange globally, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. BNB is an integral part of the successful functioning of many of the Binance sub-projects.
Source: Coinmarketcap.com
$ BNB
Market Cap: $ 94.5 B
Market Cap Rank: 6
Market Price: 723 $
ATH: $ 793 (-8.8% now)
ATL: $ 0.096 (+753188% now)
Technical highlights:
- W1:
Trend: There are few coins that kept their trend bullish in long term and BNB is one of them. Price ranged from $ 180 to $ 700 for more than 1370 days and after that in December.24 price made a new ATH at 793$. . In weekly time frame price faced range high and trying to absorb the supply above. In next two days weekly candle will close and if price managed to close above 700$ I believe the price discovery will continue. There is an important point in recent monthly candle close. Last candle closed as bullish engulfing with good volume. This is a very strong bullish signal for any asset.
MA: above all key Mas in W1 so bullish imo.
RSI: Value is around 67 and is strong in weekly time frame. That supports the trend direction.
OBV: Since early 2021 OBV remained almost flat. That shows that there are no much outflow. They kept their BNB holdings for a reason.
Volume: in last 4 weeks volume slightly increased and traders made more transactions. BNB got more attention from market and with current market direction and Bull Run I read this as more buyers.
**In my point of view, channels play an important role in trend direction and targets. Each time trend breaks a channel, a move toward the direction of break out with the size of channel will mostly happen. **
Supports:
$ 680 - 720 Range high- ATH (to be tested in W1)
$ 500 – 550 Demand zone
Resistances (fib. Based):
$ 800 fib. 1.272
$ 860 fib. 1.414
$ 960 fib. 1.272
$ 1260 fib. 2.272
$ 1425 fib. 2.618
$ 1900 fib. 3.618
$ 2350 fib. 4.618
$ 3000
$ 4000
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
BNB stuck in this range for a long time and challenges happened to Binance and CZ extended this. But now I believe it’s unhinged now. I’m a Holder and a buyer of this coin.
My strategy goes as below:
🛒 Pair: BNB/ USDT 🛒
👑 Bitcharge 👑
🕰 06/12/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy: $ 650 – $ 700 🛒
👉Sell Targets👈
🎯TP1: $ 800 🥉
🎯TP2: $ 860 🥈
🎯TP3: $ 960 🥇
🎯TP4: $ 1100 🚁
🎯TP5: $ 1260 ✈️
🎯TP6: $ 1400 🚀
🎯TP7: $ 1600 🛰
🎯TP8: $ 1800 🛸
🎯TP9: $ 3000 🌙
🎯TP10: $ 4000 💫
⛔️ SL: $ 540 ⛔️ by closing W1 Below
