BNXUSDT.1D
Market Structure & Key Levels:
Current Price & Trend:
BNX is trading at $0.9169, showing a -1.80% decline, suggesting profit-taking after a sharp rally.
The recent price surge has led to a test of R1, a key resistance zone that has previously acted as a supply area.
Key Support & Resistance Levels:
S1 ($0.4199): A major support zone, where BNX previously bounced strongly.
R1 ($1.1306): A critical resistance level, which, if broken, could confirm a trend reversal.
R2 ($1.7458): A long-term resistance zone, which aligns with previous supply levels.
High: $1.7500 (last significant peak).
Low: $0.1334 (historical bottom).
Technical Indicators & Market Sentiment:
🔹 Trendline & Breakout Analysis:
BNX has recently rebounded from S1, signaling strong buyer interest in this range.
Breaking above R1 would confirm bullish continuation, while failure to do so may result in a correction.
🔹 Potential Bullish Breakout Scenario:
If BNX closes above $1.13 (R1), it may trigger further upside toward $1.50-$1.75.
A sustained move above R2 ($1.75) could lead to an extended rally toward $2.00-$2.50.
🔹 Bearish Pullback Scenario:
If BNX fails to break R1, price may retrace toward $0.75-$0.65, before attempting another move higher.
A breakdown below $0.60-$0.50 could result in a retest of S1 ($0.42).
🔹 Liquidity & Volume Analysis:
Volume remains high, suggesting strong interest in the asset.
However, profit-taking near resistance zones could cause short-term pullbacks.
🔹 Market Psychology:
$1.13 is a key psychological level, where buyers need to step in to confirm trend continuation.
If BNX closes above R1, a bullish sentiment shift could accelerate the rally.
Conclusion & Trading Strategy:
Given the current price structure, my trading plan involves two key scenarios:
1️⃣ Bullish Breakout Strategy:
If BNX closes above $1.13 with strong volume, I will enter a long position, targeting $1.50-$1.75.
A move beyond $1.75 would open doors for $2.00-$2.50 in the mid-term.
2️⃣ Bearish Retest & Pullback:
If BNX fails at R1, I will wait for a dip toward $0.75-$0.65, before considering long re-entry.
A break below $0.60 would indicate further downside risk, potentially leading to a retest of $0.42-$0.40.
Risk Management:
Stop-loss for longs: Below $0.85 to protect against fake breakouts.
Stop-loss for shorts: Above $1.20 in case of a bullish breakout.
Leverage approach: Conservative, due to high volatility in BNX’s price swings.
Final Thought:
BNX has staged an impressive recovery, but it now faces major resistance at $1.13. The next 24-48 hours will be crucial, as a breakout could fuel bullish continuation, while rejection may lead to a deeper pullback. I will closely monitor volume and price action confirmation to determine the best entry points.
Current Price & Trend:
BNX is trading at $0.9169, showing a -1.80% decline, suggesting profit-taking after a sharp rally.
The recent price surge has led to a test of R1, a key resistance zone that has previously acted as a supply area.
Key Support & Resistance Levels:
S1 ($0.4199): A major support zone, where BNX previously bounced strongly.
R1 ($1.1306): A critical resistance level, which, if broken, could confirm a trend reversal.
R2 ($1.7458): A long-term resistance zone, which aligns with previous supply levels.
High: $1.7500 (last significant peak).
Low: $0.1334 (historical bottom).
Technical Indicators & Market Sentiment:
🔹 Trendline & Breakout Analysis:
BNX has recently rebounded from S1, signaling strong buyer interest in this range.
Breaking above R1 would confirm bullish continuation, while failure to do so may result in a correction.
🔹 Potential Bullish Breakout Scenario:
If BNX closes above $1.13 (R1), it may trigger further upside toward $1.50-$1.75.
A sustained move above R2 ($1.75) could lead to an extended rally toward $2.00-$2.50.
🔹 Bearish Pullback Scenario:
If BNX fails to break R1, price may retrace toward $0.75-$0.65, before attempting another move higher.
A breakdown below $0.60-$0.50 could result in a retest of S1 ($0.42).
🔹 Liquidity & Volume Analysis:
Volume remains high, suggesting strong interest in the asset.
However, profit-taking near resistance zones could cause short-term pullbacks.
🔹 Market Psychology:
$1.13 is a key psychological level, where buyers need to step in to confirm trend continuation.
If BNX closes above R1, a bullish sentiment shift could accelerate the rally.
Conclusion & Trading Strategy:
Given the current price structure, my trading plan involves two key scenarios:
1️⃣ Bullish Breakout Strategy:
If BNX closes above $1.13 with strong volume, I will enter a long position, targeting $1.50-$1.75.
A move beyond $1.75 would open doors for $2.00-$2.50 in the mid-term.
2️⃣ Bearish Retest & Pullback:
If BNX fails at R1, I will wait for a dip toward $0.75-$0.65, before considering long re-entry.
A break below $0.60 would indicate further downside risk, potentially leading to a retest of $0.42-$0.40.
Risk Management:
Stop-loss for longs: Below $0.85 to protect against fake breakouts.
Stop-loss for shorts: Above $1.20 in case of a bullish breakout.
Leverage approach: Conservative, due to high volatility in BNX’s price swings.
Final Thought:
BNX has staged an impressive recovery, but it now faces major resistance at $1.13. The next 24-48 hours will be crucial, as a breakout could fuel bullish continuation, while rejection may lead to a deeper pullback. I will closely monitor volume and price action confirmation to determine the best entry points.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.