Binance Coin (BNBUSDT) Analysis
Binance Coin (BNBUSDT): A Technical Breakdown and Price Forecast | February 1, 2025
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Please note that all cryptocurrency charts use the Binance price feed for consistency, unless otherwise specified.
This information is for educational purposes only. Nothing written, expressed, or implied here should be looked at as investment advice or an admonition to buy, sell, or trade any security or financial instrument. As always, do your own diligence.
Binance Coin (BNBUSDT) Analysis
Weekly Chart
Price is facing selling pressure over the past 4 weeks aligning with the 2021 highs around $681.50. Overall structure is bullish with price holding above the 50-week SMA ($591.45), the 200-week SMA ($400.93), Anchored VWAP from the breakout back in Feb, 2024 ($520.55), and the Anchored VWAP from the breakout back in Feb, 2021 ($362.67).
Could the next breakout also occur in February? We shall wait and see.
Daily Chart
Zooming into the daily chart and we identify a strong confluence support zone around round number $600. This level also aligns with the 50% Fib Retracement ($598.22), the 200-day SMA ($611.73), and our trendline connecting the higher lows originating from the Feb, 2024 breakout.
4-Hour Chart - Trade Idea #1 - LONG
We are looking for a LONG trade if price continues to bleed into this confluence support zone. Scale in small size between $626 - $590 with a full-stop at $586.97 which is below the 50-week SMA and the higher low from Nov 7, 2024 at $587.01.
It’s important to use very small size when scaling into these types of dip buy trades. Add to your trade when price confirms the support zone will hold by printing higher lows above $587.01.
Our conservative targets for this trade are $679.97 and $729.97.
4-Hour Chart - Trade Idea #2 - LONG
If price requires a deeper pullback - execute your hard stop from the previous trade and begin looking for a deeper pullback long trade as price heads towards the Golden Pocket Fib and our higher degree trendline support connecting the extreme higher lows originating from the Dec, 2023 higher low just before the Feb, 2024 price rally.
We’re looking to scale in between $570 - $540 with a full-stop at $517.97 which is below the Anchored VWAP from the breakout back in Feb, 2024 ($520.55) as well as the Sept, 2024 higher lows. Our conservative targets for this trade are $679.97 and $729.97.
Sentiment Rating & Signals
Long Trade Idea #1: Binance Coin (BNBUSDT)
Entry Zone: $626–$590
Average Entry Price: $608 (Midpoint of entry range)
Stop Loss Level:
Full Stop: $586.97
Take-Profit Targets:
Take-Profit Target 1 (TP1): $679.97
Reward: $71.97 (TP1 - Average Entry)
R:R: 3.4
Take-Profit Target 2 (TP2): $729.97
Reward: $121.97 (TP2 - Average Entry)
R:R: 5.8
Long Trade Idea #2: Binance Coin (BNBUSDT)
Entry Zone: $570–$540
Average Entry Price: $555 (Midpoint of entry range)
Stop Loss Level:
Full Stop: $517.97
Take-Profit Targets:
Take-Profit Target 1 (TP1): $679.97
Reward: $124.97 (TP1 - Average Entry)
R:R: 3.4
Take-Profit Target 2 (TP2): $729.97
Reward: $174.97 (TP2 - Average Entry)
R:R: 4.7
Thank you for reading! If you have any questions, comments, or feedback leave a comment below.
This information is for educational purposes only. Nothing written, expressed, or implied here should be looked at as investment advice or an admonition to buy, sell, or trade any security or financial instrument. As always, do your own diligence.