Brothers, I am Hongcai! BNB couldn't hold the highs yesterday, and today it's repeatedly rubbing below 900. Has this wave of correction ended? Is it time to bottom fish? Don't rush, Hongcai will analyze it for you soon!
News
In the past 24 hours, $1.15 million was liquidated, with key losses of $1.02 million on long positions and only $130,000 on short positions! This indicates that many who were bullish from yesterday to today have been trapped, and the market's short-term sentiment is bearish. However, the market cap of BNB is large, so this liquidation volume is not significant, indicating that big funds are not panicking yet, and it seems more like a technical adjustment.
Technical analysis
The key level of 900 has become the dividing line between bulls and bears. The price is currently running below, but there are still two important supports below:
First support 880-870, strong support 830
As long as the area between 870-880 can hold, and does not break down, BNB is still in a rebound structure. Once it breaks 870 with volume, the short-term trend will weaken, and the next support will be around 830.
The indicators in the chart, 'death cross underwater' and 'selling volume greater than buying volume', indicate that the short-term is indeed weak and needs time to recover.
My viewpoint
I think today is very likely to go down first and then up: first test the support strength of 870-880, if it can hold, it will rebound again to challenge the resistance level of 900. If this wave of rebound can hold at 900, the next target will be 920-930.
Retail investors, be patient! If the price stabilizes, you can try a small long position, and make sure to set a stop loss.
If the position is not heavy, consider adding a little near 870 to lower the cost, and set a stop loss.
If it breaks below 870, stop loss decisively, don’t go against the trend. BNB is more stable than altcoins, but if the direction is wrong, you will still lose money.
BNB is now at a critical support area, 870-880 is the bottom line for bulls. If it holds, a rebound can be expected; if it breaks, it will continue to adjust. Remember, trading cryptocurrencies is not gambling, you must identify the right position, make a good plan, and only then can you survive longer! I am Hongcai, accompanying you to watch the market rationally!
Don’t be led by the words 'interest rate cut', the more consistent the expectations, the more cautious you should be. Hongcai focuses on opportunities after confirming trends, announcing real-time dynamics every day, and guiding you to participate steadily in every fluctuation.#美联储重启降息步伐 $BNB
