BNB/USDT Weekly Chart Analysis.
2024-12-17
Category: None

This chart  BNB/USDT pair on the weekly timeframe with a clear inverted head and shoulders pattern

The left shoulder, head, and right shoulder structure is evident.
BNB successfully broke the neckline resistance (shaded area around $600-620).
The price surged after the breakout, reaching highs of ~$800 before cooling off slightly at $726.93.

The neckline could now act as strong support (~$600-620) if the price pulls back.
A successful retest would confirm further bullish momentum.
The black moving average line acted as dynamic support during the uptrend.
If BNB stays above the neckline and consolidates, potential upside targets include:

$800 (previous resistance area).
psychological levels of $900 and $1,000.
As long as BNB stays above the neckline, it will remain in an uptrend.
If the price bounces back, the neckline support area ($600–$620) is crucial for further upside.

A continuation of this breakout could lead to higher levels.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your research and consult a financial advisor before making investment decisions.

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@Peter_CSAdmin

