$BNB
Looking at the 4-hour timeframe chart for BNB/USDT
Key Support and Resistance Levels
Resistance Levels:
~$640-645: Price has tested this level multiple times recently, visible in the latest consolidation
~$680: Previous high from mid-February that acted as strong resistance
~$635: Current price is consolidating around this level
Support Levels:
~$615-620: Recent support during the latest uptrend
~$580-590: Strong support zone where price bounced multiple times in early March
~$540-550: Major support where the price found its bottom around March 10-12
Chart Patterns and Price Action
V-shaped Recovery: There's a clear V-shaped recovery from the March 10-12 lows around $540, suggesting strong buying pressure.
Higher Lows and Higher Highs: Since the March 12 bottom, the price has been making higher lows and higher highs, indicating a possible trend reversal from bearish to bullish.
Consolidation: Current price action shows consolidation around $630-640, which could be a continuation pattern before the next significant move.
Volume Profile: Trading volume decreased during the recent uptrend, which suggests the rally might be losing momentum.
Entry Recommendations
For Long (Buy) Positions:
Entry Point: Consider entering around $615-620 if price pulls back to this support level
Stop Loss: Place below $600 to manage risk
Take Profit Targets: $645 (immediate resistance) and $680 (higher resistance)
Risk Management: Keep position size appropriate given the recent volatility
For Short (Sell) Positions:
Entry Point: Consider short entries if price fails to break above $645 resistance with increased volume
Stop Loss: Place above $655 to limit potential losses
Take Profit Targets: $615 (first support) and $590 (stronger support)
Caution: The overall trend since March 12 appears bullish, so shorts carry higher risk