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BNB/USDT (Spot) Potential Upward Movement

BNB/USDT (Spot) Long-Term Trend: Bullish

Key Resistance Levels: 566.2, 588.7, 613.4.

Key Support Levels: 540.2, 511.2, 496.9.

Daily Chart:

The price on the higher time frame succeeded to break the key resistance level (now support) around the 541.4 USDT mark with the help of a bullish engulfing pattern. This shows that the market is clearly controlled by the buyers where further movement to the upside could be seen in the coming hours.

BNB/USDT (Spot) Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the bulls manage to break the bullish flag pattern to the upside and now the price traded above the key resistance area in a small range. The market found more bulls around the 61.80% Fibonacci retracement which could lead to a move higher. Before this move a lower correction could be seen to the new support.

Signal Idea:

Buy Limit Order @ 538.6

TP 1 @ 565.1

TP 2 @ 588.7

Stop Loss @ 525.4

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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