๐ $BNB Breaks Below 720 USDT โ Strategy or Panic?
As of December 16, 2024, BNB slipped below the 720 USDT level, now trading at 719.90 USDT. Although there is still a slight increase of 0.81% in 24 hours, the momentum seems to be weakening.
๐ What can be done?
1๏ธโฃ Bulls: If you are sure that this is just a healthy correction, the 720 USDT level could be an attractive entry area. A buy the dip strategy has the opportunity to profit if BNB bounces off this support.
2๏ธโฃ Bears: If the price breaks deeper, prepare a short strategy to take advantage of the bearish trend. Monitor the next support level around 700 USDT.
3๏ธโฃ Sideways traders: With small fluctuations like this, you can use a range trading strategy. Learn to read patterns in smaller timeframes to find quick opportunities.
๐ Takeaway: These small movements are often a sign that the market is waiting for a big catalyst. Don't forget to use a stop-loss to protect your capital, okay!
In your opinion, is this a buy signal or is it time to standby? Share your opinion in the comments column! ๐ฌ