Chart analysis for BNB/USDT with advice
1. General Direction:
The chart shows an upward trend after a period of decline, where the price exited a descending channel (shown in blue) and managed to reach a strong resistance area between 600 - 620 USDT.
2. Support and Resistance Areas:
• Strong support: at 530.99 USDT
• Strong resistance: at 620 USDT
• Higher resistance: at 680.18 USDT (if the rise continues)
3. Expected Scenarios:
✅ Bullish Scenario (A → C):
• If the price firmly breaks the 620 USDT level, it may continue to rise towards 680 USDT.
• This breakout needs strong trading volume to confirm the direction.
⚠️ Bearish Scenario (B → A → C):
• If the price fails to break 620 USDT, it may start to correct towards 580 USDT, and if it breaks this level, it may return to test 530 USDT again.
4. Advice:
• If you are considering entering a long position, it is best to wait for confirmation of a breakout above 620 USDT, with a stop-loss set below 600 USDT to reduce risk.
• If you are considering selling (Short), wait for signs of weakness at 620 USDT, and if the price starts to decline, 580 USDT can be targeted as the first goal.
• Capital management is essential, and do not enter a large position without confirming the direction.