The last time we analyzed the BNB/USD pair, the price was still trading within the flag pattern on the 4-hour timeframe. We made our bullish predictions and then waited. BNB Breaking Out Right Now! Price To $900 Buy Now?.
If you had taken any trade based on that analysis, you should be in at least 10%-15% profit right now. But if you missed it, you now have another opportunity because BNB is ready to surge again.
Ever since breaking out of the flag pattern, BNB has been accumulating momentum and ranging around the $595 level. This sideways movement in price has created a new opportunity to buy more BNB. And in this analysis, we will be telling you how to go about it.
Key Levels To Watch For
The key levels to watch are the $595 support level and the $683 resistance level. The BNB price has been ranging within these two prices all through the week, but it is showing signs that it might just be ready to break out now.
Bullish Price Prediction
For the bullish prediction, we only want to buy more BNB once the price breaks and closes above the $683 level. This would signify the ending of the ranging market and a potential break into new highs.
However, if this level holds, we can expect to see the BNB price continue to range for the rest of the week.
Wait for the $683 level to break before looking for any bullish trade. Also keep your eyes on the $595 support. A break of this surpport could signify a deeper retracement in price.
For More Trading Ideas
For more trading ideas check out our short Youtube video on Cardano where we break down the chart patterns forming as well as the high quality trade setup you can take advantage of right now.
Learn Crypto Trading
Learn all you need to know to become a successful trader in the crypto market. Our How To Trade Bitcoin Guide makes the journey faster and easier for you. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
Want to trade Bitcoin? Use our link to sign up for PrimeXBT and make sure to use code “bitcoinsensus50” for a 25% bonus on margin trading!