$BNB
🔥 BNB Token Trade Setup !
👀 This is a 1-day (1D) candlestick chart of BNB/USDT from Binance, showing price action with three Exponential Moving Averages (EMAs):
EMA(7) – Yellow line: 604.94
EMA(25) – Pink line: 598.61
EMA(99) – Purple line: 613.48
Key Observations:
1. Price Level:
Current price is $609.89, slightly above the short-term EMA(7) and mid-term EMA(25), but just below the long-term EMA(99).
24H High: $609.90, Low: $598.66 – indicates low volatility in the last day.
2. Trend & Moving Averages:
EMA(7) > EMA(25) = short-term bullish crossover (potential bullish signal).
Price approaching EMA(99) from below = key resistance at around $613.
A break above EMA(99) could confirm a trend reversal or continuation upward.
3. Support and Resistance:
Support: Around $598–$600 (near EMA(25)).
Resistance: $613 (EMA(99)), then $616.21, and further $686.
4. Candlestick Structure:
Recent candles show consolidation just below resistance.
The candles have small bodies and wicks, indicating indecision – market waiting for a breakout or breakdown.
Potential Trade Setup:
Bullish Scenario:
Entry: Break and close above $613 (EMA(99)) with strong volume.
Target 1: $630
Target 2: $660–$686 (previous high)
Stop-loss: Below $598 (under recent swing low/EMA(25))
Bearish Scenario:
Entry: Rejection at $613 and breakdown below $598.
Target 1: $576
Target 2: $537
Stop-loss: Above $613
