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BNB/USDT Potential Upward Movement

BNB/USDT Price Long-Term: Bullish

Key Resistance Levels: 260.30, 281.10, 301.70

Key Support Levels: 240.00, 205.10, 139.25

Daily Chart:

On the daily time frame, the price was in an uptrend before posting a huge correction to the 205.10 level. We can notice that the buyers are trying to take control and push the price to the upside. Three days ago, the price managed to post a big engulfing candlestick which might lead to a move upward in the coming days.

BNB/USDT Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price found buyers around the 61.8% Fibonacci level, and managed to break the flag formation to the upside. Currently, the price is bouncing around the 237.90 mark. A lower correction might be seen to this level before a huge movement to the 301.70 mark.

Signal Idea:

Buy Limit Order @ 237.90

TP 1 @ 301.70

TP 2 @ 333.05

Stop Loss @ 216.64

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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