【BNB 4H】Pushing up just below the equal highs at 752—I’m not chasing here
The broader market moved sideways over the weekend, while BNB was one of the few large-cap coins to rise: Binance quoted it at 748.3 at 12:58, up 1.1% over 24 hours. On October 23, Futu enabled BNB Chain deposits and withdrawals for professional investors in Hong Kong. The backdrop is somewhat bullish, but the price has already reached the top of its range.
My view: The 4H chart is still moving sideways within a range, and the current price is the worst place to enter. Three reasons:
① Structure: The current price is right next to the resistance trendline at 749.4. There are equal highs at 751.86 above, so the price could easily wick up first and then pull back.
② Volume and price: The rebound is on declining volume, while the sell-off is on rising volume—the rally lacks conviction.
③ Confluence: The 734–738 support zone coincides with Fib 0.618 and MA99 at 736.3. This is the level worth waiting for.
Plan 1 (primary): Consider placing a small long order on a pullback near 736. Stop-loss at 729, first target at 749, second target at 758.
Plan 2 (backup): If the price wicks above 751.86 and the 4H candle closes back below 749, consider testing a small short near 754. Stop-loss at 761, target at 738.
Invalidation: If the 4H chart holds above 758.4, the range has broken upward; abandon the short thesis and exit. If the price breaks below 729, exit the long.
Will BNB break 752 first this week, or return to 736 first?
Source: PANews, Binance spot and futures data
#BNB #TechnicalAnalysis
📈 Top three futures gainers (13:09): $JCT +143.05%｜$APR +89.06%｜$ORDER +73.57%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinions, and does not constitute investment advice. DYOR.
The broader market moved sideways over the weekend, while BNB was one of the few large-cap coins to rise: Binance quoted it at 748.3 at 12:58, up 1.1% over 24 hours. On October 23, Futu enabled BNB Chain deposits and withdrawals for professional investors in Hong Kong. The backdrop is somewhat bullish, but the price has already reached the top of its range.
My view: The 4H chart is still moving sideways within a range, and the current price is the worst place to enter. Three reasons:
① Structure: The current price is right next to the resistance trendline at 749.4. There are equal highs at 751.86 above, so the price could easily wick up first and then pull back.
② Volume and price: The rebound is on declining volume, while the sell-off is on rising volume—the rally lacks conviction.
③ Confluence: The 734–738 support zone coincides with Fib 0.618 and MA99 at 736.3. This is the level worth waiting for.
Plan 1 (primary): Consider placing a small long order on a pullback near 736. Stop-loss at 729, first target at 749, second target at 758.
Plan 2 (backup): If the price wicks above 751.86 and the 4H candle closes back below 749, consider testing a small short near 754. Stop-loss at 761, target at 738.
Invalidation: If the 4H chart holds above 758.4, the range has broken upward; abandon the short thesis and exit. If the price breaks below 729, exit the long.
Will BNB break 752 first this week, or return to 736 first?
Source: PANews, Binance spot and futures data
#BNB #TechnicalAnalysis
📈 Top three futures gainers (13:09): $JCT +143.05%｜$APR +89.06%｜$ORDER +73.57%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinions, and does not constitute investment advice. DYOR.