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BNB/USDTPERP Potential Downward Movement

BNB/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 339.43, 377.16, 378.00

Key Support Levels: 304.06, 280.79, 253.70

Daily Chart:

The price on the higher time frame failed to break the 339.43 USDT mark, and it posted a doji bar which signals a potential reversal and then a move to the downside in the same direction of the main trend.

BNB/USDTPERP Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bullish channel to the downside after posting an inverse head and shoulders. The market moved lower where we expect a higher correction to the neckline of this pattern before a new impulsive wave to the downside.

Signal Idea:

Sell Limit Order @ 327.14

TP 1 @ 304.57

TP 2 @ 304.06

Stop Loss @ 334.42

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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