This is the result of my trading today. I have a successful day and I hope to share even better results with you my friends. I wish you all success.
🔍 1. Chart structure
Instrument: Binance Coin / USD (BNB/USD)
Interval: 4 hours
📐 2. Technical formations
🔸 Breakout from the descending wedge formation
The descending wedge (orange lines) is a bullish formation - it suggests a potential breakout upwards.
The breakout occurred dynamically, with a large breakout candle (confirmation of the formation).
The goal of breaking out of the wedge is usually the height of the entire formation - this is marked with an orange arrow.
📈 Breakout range (target): around $697–710
🟢 Potential next targets:
697.83 (local resistance/projection result)
710.73 (main wedge height projection)
728.12 (strong resistance from history)
📊 3. Supports and resistances
🟥 Support zones (red rectangles):
$648.5–637.5 – previous resistance, now tested as support after the breakout.
$608.5–592.5 – strong support from previous lows.
🔼 Currently, the price has tested the upper support zone (648–637), reacted positively and continues to move up.
🟩 Resistance levels (green horizontal lines):
679.88 USD – local resistance, first target after breaking out of the wedge.
697.83 USD – projected range from the formation.
710.73 USD – full technical range of the breakout.
728.12 USD – strong resistance from history, may be a long-term target.
📉 4. Trends and support lines
Purple upward trend line – currently the price is above, which confirms the short-term upward trend.
Its break may lead to a retest of 648–637 USD.
Only below this zone can a larger correction be considered.
📈 5. Stochastic RSI indicator
Currently in the overbought zone (above 80).#Write2Earn