BNB/USD long opportunity amid ranging market breakout

February 22, 2024 01:43 AM AEDT | By Invezz

BNB/USD long opportunity amid ranging market breakout — Image source: Invezz

BNB/USD trading analysis

Buy/sell asset: Buy BNB/USD
Entry price: $355
Stop loss: $343
Leverage: 1x
Take profit 1: $370
Take profit 2: $385
Take profit 3: $400
Timeframe: 1-2 weeks
Maximum profit: 12.5%
Maximum loss: 3.5%

BNB/USD chart and technical analysis

The price of Binance coin broke the ranging market recently and closed above the previous high of $366. This could mark the beginning of another bullish wave for BNB/USD and the price is likely to gain another 15-20% in the coming rally.

I am expecting the price will make a correction and will retrace back to the $355 support level. The $355 is a key level from where the price could continue its next bullish wave. There is a bullish order block around the same price and long bullish candles with fair-value gaps.

I am recommending the $355 support level for buy entry and my recommended target for this trade is the $400 daily supply area.

BNB/USD fundamental analysis

Fundamentally, the investors’ sentiments are strong and the price is likely to reach the $400 level and beyond.

Binance coin to US dollar trade idea takeaways

BNB/USD broke the ranging market and closed above the previous high.
The price of Binance coin will possibly reach the $400 supply area in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.5.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post BNB/USD long opportunity amid ranging market breakout appeared first on Invezz

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