BNB: H&S, Not Just a Shampoo!
2024-11-07


The price action on BNBUSDT shows a well-defined Inverse Head and Shoulders (H&S) pattern, with the neckline situated at the critical 600 level. This serves as the immediate resistance zone that needs to be breached to confirm a bullish continuation. Should the price manage to break and sustain above this neckline, the first target aligns with the 720 resistance, while the extended H&S projection hints at a potential rally toward 900.

Currently, BNB is trading above the EMA ribbon, which remains bullish. The ribbon acts as dynamic support, reinforcing the positive sentiment. A failure to hold this level, however, might result in prolonged consolidation. Adding to the bullish narrative, the market has been printing higher lows, signaling underlying strength and a likely breakout in the near future.

Key Takeaways:
 
 Immediate resistance at 600; a breakout sets sights on 720, followed by 900.
 The EMA ribbon must hold to sustain bullish momentum.
 Higher lows increase the probability of an upside breakout.
 
👨🏻‍💻💭 How high do you think BNB can climb? Drop your predictions in the comments below!
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