TradeCityPro | BNB: Analyzing Its Position in the Crypto Titans👋 Welcome to TradeCity Pro!
From today, we're returning to our usual routine on the channel, where we will provide two altcoin analyses and one Bitcoin analysis daily.
🔍 In this analysis, I want to review the BNB coin for you. It's one of the most important cryptocurrencies, with a market cap of $84 billion, ranking 5th in CoinMarketCap.
👀 This coin is officially for Binance exchange and is part of the projects that are profiting from the crypto space with a positive balance sheet. Let’s technically analyze this coin as well.
📅 Weekly Timeframe
In the weekly timeframe, as you can see, there is a very large range box from 208 to 662 where the price has been moving since 2021.
💫 Currently, in the last leg where the price moved, it was supported at the area of 208 and began to form a base, then after breaking 352, it started an upward movement up to the resistance area of 662 to 746.
✔️ After reaching this area, a corrective and resting phase of the price began, and a box has formed between this area and the 501 area. The 501 area overlaps with the 0.236 Fibonacci, making it a very important PRZ for BNB.
❌ If you already own BNB, you can set your stop loss if the price consolidates below the 501 area because if this area is broken, the next significant support the price has is the 352 area, which is the most crucial support in this trend and overlaps with the golden Fibonacci area, and a fall to this area could happen.
🛒 For buying in spot, first of all, you must wait until buying volume enters the market so that the price can move upwards. The main trigger for spot is the break of 746, and if this area is broken, the main upward trend can start because the box that the price has built since 2021 will also be broken.
💥 Let’s move to the daily timeframe to analyze the price movement in the short term.
📅 Daily Timeframe
In this timeframe, we also have a range box from 484 to 750, and in this leg, an expanding triangle has formed, which causes the market volatility to increase and the price to show less reaction to static areas.
⭐ On the other hand, because we have a range box and the price is ranging, we can't rely much on indicators and oscillators because they give us incorrect data.
🎲 In this market condition, we shouldn't check too much data and unnecessarily clutter the chart. For a long position, you can enter with the break of the 638 area. It would be better if this break occurs simultaneously or after the triangle break, allowing for more risk.
🔼 The main trigger for buying in spot, as mentioned in the weekly timeframe, is 746, which becomes 750 in this timeframe, and you can proceed with your spot purchase if this area is broken.
📉 For short positions and in general for a bearish scenario, the first trigger is 569, which is a very risky trigger, and in my opinion, we should wait for the price to react to it to be sure of the exact place of this area.
✨ The next triggers are 531 and 484, where 531 is a logical trigger and 484 is the main trigger for a trend change in the large market cycle.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
