BNBUSD down almost 40% since mid-summer, time for a rebound?

One of the cryptocurrencies that came to our attention recently is Binance Coin. Currently, it trades near $213, down nearly 40% from its summer highs, which makes a compelling case for a rebound. As a result, we watch a setup with a long position entry above Resistance 1 and a tight stop-loss order below it; Resistance 2 will act as our price target level if the breakout occurs. We will update thoughts on the asset with the emergence of new developments.

Illustration 1.01

Illustration 1.01 shows the setup for BNBUSD.

Technical analysis gauge
Daily time frame = Neutral
Weekly time frame = Neutral
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Сделка закрыта: достигнута тейк-профит цена