BNB/USD trading analysis- Buy/sell asset: Buy BNB/USD
- Entry price: $355
- Stop loss: $343
- Leverage: 1x
- Take profit 1: $370
- Take profit 2: $385
- Take profit 3: $400
- Timeframe: 1-2 weeks
- Maximum profit: 12.5%
- Maximum loss: 3.5%
The price of Binance coin broke the ranging market recently and closed above the previous high of $366. This could mark the beginning of another bullish wave for BNB/USD and the price is likely to gain another 15-20% in the coming rally.
I am expecting the price will make a correction and will retrace back to the $355 support level. The $355 is a key level from where the price could continue its next bullish wave. There is a bullish order block around the same price and long bullish candles with fair-value gaps.
I am recommending the $355 support level for buy entry and my recommended target for this trade is the $400 daily supply area.
BNB/USD fundamental analysisFundamentally, the investors’ sentiments are strong and the price is likely to reach the $400 level and beyond.
Binance coin to US dollar trade idea takeaways- BNB/USD broke the ranging market and closed above the previous high.
- The price of Binance coin will possibly reach the $400 supply area in the coming days.
- Multiple take-profit levels have been added to secure profit along the way.
- The risk-to-reward ratio on this trade is 1:3.5.
- The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
- Good luck!
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