Lingrid | BNBUSDT fake BREAKOUT of the SUPPORT level

7. Aug.

As the entire cryptocurrency market plunged, BNBUSDT also experienced a significant nosedive, breaking below the previous month's low. However, the market quickly rebounded, taking liquidity below the key level at 450. On the daily timeframe, a large long-tailed bar formed, indicating a rejection of lower prices at this support level. Additionally, the market has tested the 61.8% Fibonacci retracement level of the bullish move that was formed between October 2023 and June 2024. Overall, I believe that the recent price drop was nothing more than a healthy correction. My target is resistance zone at 550


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