BNB Coin's Journey to Major Resistance After a Parabolic Surge

BINANCE:BNBUSDT   Binance Coin / TetherUS

After experiencing a parabolic increase of 200% over 200 days, BNB coin has now reached a significant resistance zone ranging from $616 to $660.

Current Market Perspective:
Given the current conditions and Bitcoin's behavior, a correction and consolidation period for BNB is highly likely. For those who took positions at $255 following advice from Trade City Pro, now might be a good time to secure profits.

Strategy Insights:
For Holders: I plan to continue holding. However, if BNB closes a weekly candle below $540 and Bitcoin is under $48,000, I will consider selling my BNB holdings.
For Bitcoin's Influence: If Bitcoin stays above $48,000, I will not sell BNB.
Potential Re-Entry: Should the price suddenly pump and exceeds $616, I would consider re-entering the market at that point.
For Potential Buyers:
Entering After Resistance: Those who don't own BNB might consider buying if the price surpasses $617.
Fibonacci Retracement Levels: In case of a correction, the key Fibonacci levels from the last upward wave at 0.5 and 0.618 (between $394 to $430) might offer good entry points. Wait for a reaction or momentum change at these levels before entering.

Additional Observations:
It's intriguing that BNB seems relatively unaffected by broader market conditions, suggesting Binance might be positioning for something unique.

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πŸ”– Categories: Market Analysis, Fibonacci Retracement, Strategy and Risk Management

πŸ“Œ Stay tuned for any unexpected moves in the market, and happy trading!


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