๐Ÿ“Š BNB/USDT Technical Analysis (1D Timeframe)

โŒ Bearish Scenario (Break Below $500.00)

A breakdown below $500.00 could lead to further declines, possibly towards $487.73 or lower.

๐Ÿ“ˆ Possible Scenarios

โœ… Bullish Scenario (Break Above $595.66)

If BNB reclaims $595.66, it could push towards $649.63 and possibly $703.59.

๐Ÿ”น Market Overview

Current Price: $544.73

24H High: $566.36

24H Low: $507.00

Price Change: -3.62%

๐Ÿ” Technical Breakdown

1๏ธโƒฃ Support & Resistance Levels

Major Resistance: $595.66

Broken Support: $595.66 (now acting as resistance)

Current Support: $500.00 (Critical Level)

2๏ธโƒฃ Price Action Analysis

BNB has been in a downtrend, forming lower highs and lower lows.

Price recently bounced from the $500.00 support but is struggling to regain strength.

The previous support at $595.66 has turned into resistance, which is crucial for trend reversal.

๐Ÿ“ข Trading Strategy

๐Ÿ“Œ Long (Buy) Entry:

Entry: Above $595.66

Targets: $649.63 โ†’ $703.59

Stop Loss: Below $550

๐Ÿ“Œ Short (Sell) Entry:

Entry: Below $500.00

Targets: $487.73 โ†’ $450.00

Stop Loss: Above $520

๐Ÿ“Œ Conclusion

๐Ÿ”น BNB is currently testing a key resistance at $595.66 after bouncing from $500.00.

๐Ÿ”น A breakout above $595.66 may lead to a bullish reversal, while rejection could push it back to $500.00.

๐Ÿ”น If $500.00 breaks, further downside is likely.

๐Ÿ’ก Recommendation: Watch for a reaction at $595.66 for a potential long entry, or wait for a breakdown below $500.00 for a short opportunity.

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