BNB has reached a critical position! The price is hovering around 860 on the 4-hour chart, with the resistance level at 880 looming like a large pot lid, and several attempts to break higher have been suppressed. The trading volume has shrunk significantly, and the bulls are clearly losing strength. How will the market move today? Let me clarify that for you.
News front
Although there isn't any major news, the data doesn't lie. In the last 24 hours, BNB long positions were liquidated for $312,300, which is more than double the liquidations of short positions! This indicates that many long traders were forcibly closed out during the decline, and market sentiment is leaning towards caution. As Binance's platform token, BNB is closely linked to the market; if BTC continues to weaken, it will be difficult for BNB to strengthen independently.
Technical Analysis
From the 4-hour candlestick chart, BNB has been continuously blocked near 880, and every rebound feels like a fist hitting cotton—ineffective! What's more troublesome is that the trading volume continues to shrink, indicating that there is very little money chasing the rise. If the next rebound can't break through 880, it is highly likely to go down, with the first target being the support level at 840. If this level also breaks, it could directly slide to the strong support at 790. From 860 to 790, there is still nearly an 8% downside risk, which must not be ignored.
Hongcai's personal opinion
The probability of a continued short-term pullback for BNB is greater, but I still remain optimistic in the long term. As the leader in the ecosystem, BNB's fundamentals are not problematic. The current decline seems more like a technical adjustment. The key is whether 880 can break out with volume; if it can't, it will continue to oscillate below seeking a bottom.
What should the newbie do?
Short-term players (contracts/bands): Keep a close eye on 880. If it rebounds to the 875-880 area and still can’t go up, you can try a small short position. If it breaks through 880 with volume, then stop loss and go long.
Long-term coin holders: This is a great opportunity for phased investment! If it drops to around 840, you can start buying in small amounts; if it really dares to drop to 790, that’s a money-making opportunity, so be bold and increase your position. Hold on, don’t get washed out by short-term fluctuations.
Newbie observer: Use small funds to test the waters and learn to wait.
BNB is currently in a short-term pressure zone and needs a decent pullback to build momentum. Don’t chase highs and sell lows during fluctuations; understand the support and resistance levels, and operate in phases to hold on and earn steadily.
A downturn is not the end, but a litmus test for your awareness and discipline. Only those who can remain calm in panic can seize the next wave of surges. Follow Hongcai and participate in every attack from Hongcai! Hongcai will announce specific entry times and real-time news every day at the God of Wealth's place!#加密市场观察 $BNB
