BNB Analysis: Breaking Key Resistance Levels Upside Potential
Hello, this is Greedy All-Day.
Today’s analysis focuses on BNB.
Weekly Chart Overview:
Since December 4, 2024, BNB has broken out of its descending resistance trendline. While there hasn’t been a significant rebound yet, there are strong indications of further upside potential.
First, the long lower wick indicates that the Ichimoku Cloud support has been successfully tested. Following this, BNB stabilized above the daily 20 EMA, with a supportive bounce leading to the breakout of the descending resistance trendline.
2-Hour Chart Analysis:
Looking at the 2-hour chart, we can see that BNB not only broke through the descending resistance trendline but also breached the upper boundary of the red box supply zone.
This area had previously served as resistance during the rebound just before the sharp drop. The simultaneous breakout of both the resistance trendline and this supply zone suggests that BNB has entered a new frame of price action.
When we examine the orange box to the left, we can determine that this new frame ranges between 705 and 738. However, there’s an intermediate resistance level at the midpoint of the range, which is highlighted with a green box.
For BNB to reach the upper boundary of 738, it needs to break out and stabilize above the green box. The top of this green box is estimated to be around 722.
Conclusion:
The markets, both stocks and cryptocurrencies, are exploding like Christmas presents this season.
Wishing you all the best in your trades and a wonderful holiday season! 🎄
Today’s analysis focuses on BNB.
Weekly Chart Overview:
Since December 4, 2024, BNB has broken out of its descending resistance trendline. While there hasn’t been a significant rebound yet, there are strong indications of further upside potential.
First, the long lower wick indicates that the Ichimoku Cloud support has been successfully tested. Following this, BNB stabilized above the daily 20 EMA, with a supportive bounce leading to the breakout of the descending resistance trendline.
2-Hour Chart Analysis:
Looking at the 2-hour chart, we can see that BNB not only broke through the descending resistance trendline but also breached the upper boundary of the red box supply zone.
This area had previously served as resistance during the rebound just before the sharp drop. The simultaneous breakout of both the resistance trendline and this supply zone suggests that BNB has entered a new frame of price action.
When we examine the orange box to the left, we can determine that this new frame ranges between 705 and 738. However, there’s an intermediate resistance level at the midpoint of the range, which is highlighted with a green box.
For BNB to reach the upper boundary of 738, it needs to break out and stabilize above the green box. The top of this green box is estimated to be around 722.
Conclusion:
The markets, both stocks and cryptocurrencies, are exploding like Christmas presents this season.
Wishing you all the best in your trades and a wonderful holiday season! 🎄
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