BNBUSDT.1D
2024-11-18

As I analyze the BNB/USDT daily chart, Binance Coin is currently trading at 624.17. The chart displays a well-defined upward channel, with the price respecting the ascending trendlines. This suggests that the overall trend remains bullish in the medium term. The immediate resistance is located at R1 (around 619.29), which BNB has just surpassed, while the next major resistance lies at R2 (721.54), near the channel’s upper boundary.

On the support side, the price has strong levels at S1 (around 575), S2 (527.41), and S3, which aligns with the lower boundary of the channel. These levels provide significant zones of interest where the price could find buying pressure in case of a correction.

The MACD (12, 26) indicator shows a bullish crossover, with the MACD line above the signal line. The histogram is also positive, although it appears to be stabilizing, signaling that bullish momentum is strong but could be losing a bit of its intensity. This calls for close monitoring to see if the current momentum can be sustained.

A breakout above R2 (721.54) could confirm further bullish continuation, with the price potentially targeting levels beyond 750 or higher in the coming weeks. On the other hand, a rejection at R2 or a loss of momentum might result in a pullback toward S1 or S2, where the price could consolidate before making another attempt to move higher.

In conclusion, I remain optimistic about the upward potential of BNB/USDT, particularly if it continues to trade within the rising channel. My primary focus is on the behavior of the price around R2 and the strength of the current momentum. A breakout above R2 would affirm a strong bullish trend, while any pullback toward S1 or S2 could provide opportunities for accumulation before the next upward leg.