BNB/USDT: Key Fibonacci and Volume Profile Reversal Zones
2025-01-10
Category: None

BINANCE:BNBUSDT  BNB/USDT: Key Fibonacci and Volume Profile Reversal Zones
Analysis:

The chart provided is a 4-hour timeframe of Binance Coin (BNB) against Tether (USDT) on the Binance exchange. The chart includes several technical indicators and annotations that are crucial for formulating a trading strategy.

Price Action and SMC Analysis:

The chart shows multiple Change of Character (CHoCH) and Break of Structure (BOS) points, indicating shifts in market sentiment and potential reversal zones.

The recent CHoCH at the right side of the chart suggests a bearish sentiment.

Fibonacci Retracement Levels:

Key Fibonacci levels are marked, with 0.786 (730.18802), 0.705 (728.41885), 0.618 (718.33226), and 0.382 (701.67774) being significant.

The price is currently near the 0.382 level, which could act as support.

Volume Profile:

The volume profile on the right shows significant trading activity around 713.25 and 731.24, indicating strong resistance levels.

The lower volume nodes around 687.11 and 674.72 suggest potential support zones.

RSI and MACD Indicators:

The RSI is currently around 39.67, indicating that the asset is approaching oversold conditions.

The MACD histogram shows red bars, suggesting bearish momentum, but the green bars indicate potential bullish divergence.

Buy Strategy:
Entry: 687.11 (near the support level and lower volume node)
Take Profit 1 (TP1): 713.25 (+261.4 pips)
Take Profit 2 (TP2): 731.24 (+441.3 pips)
Stop Loss (SL): 674.72 (-124.9 pips)

This detailed analysis uses various trading strategies, including Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave Theory. The indicators displayed on the chart, such as Fibonacci retracement levels, volume profile, RSI, and MACD, support the analysis and identify key levels for entry, take profit, and stop loss