🟡 BNB 4H: breakout attempt, but NO TRADE at 700
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📊 Market state: downtrend testing a turn. BNBUSDT perp closed the 11:00 Riyadh 4H candle at 700.73, above EMA20 698.17 and the last lower high 697.90, but still under a falling EMA50 704.66 and EMA200 724.98. ATR14 is 6.70.
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🧱 Levels: the 698-700 band has been hit 9 times in 200 bars, so it's weak support, not a floor. Resistance sits at 703.68, then 716.48, 723.99 and 727.15.
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🚫 Why no long: the stop goes under the 693.71 swing low minus 0.3 ATR, at 691.69. For TP1 716.48 to pay 1.5R after assumed 0.05% fees and slippage, the fill must be at or below 700.34. Price is already above that, and I don't chase.
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🔔 Watching: a sweep below 693.71 that closes back above it would build a cleaner base. A 4H close below 693.71 without a reclaim points to 684.04 and 680.00 (Nov 5 and Nov 4 lows).
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Confidence: medium that waiting is right; no setup to track.
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Not financial advice. DYOR.
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$BNB $BTC
#BNB #BNBChain #TechnicalAnalysis #BinanceSquare
⠀
📊 Market state: downtrend testing a turn. BNBUSDT perp closed the 11:00 Riyadh 4H candle at 700.73, above EMA20 698.17 and the last lower high 697.90, but still under a falling EMA50 704.66 and EMA200 724.98. ATR14 is 6.70.
⠀
🧱 Levels: the 698-700 band has been hit 9 times in 200 bars, so it's weak support, not a floor. Resistance sits at 703.68, then 716.48, 723.99 and 727.15.
⠀
🚫 Why no long: the stop goes under the 693.71 swing low minus 0.3 ATR, at 691.69. For TP1 716.48 to pay 1.5R after assumed 0.05% fees and slippage, the fill must be at or below 700.34. Price is already above that, and I don't chase.
⠀
🔔 Watching: a sweep below 693.71 that closes back above it would build a cleaner base. A 4H close below 693.71 without a reclaim points to 684.04 and 680.00 (Nov 5 and Nov 4 lows).
⠀
Confidence: medium that waiting is right; no setup to track.
⠀
Not financial advice. DYOR.
⠀
$BNB $BTC
#BNB #BNBChain #TechnicalAnalysis #BinanceSquare
