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Crypto Market2 days ago· 4 min read

BNB Price Drop: My Key Levels for the Next Trade Setup

The recent dip in BNB caught many off guard. I'm breaking down the exact price action levels I'm watching for a bounce or a breakdown.

The sharp rejection of BNB from the $645 area this week wasn't just a minor pullback. I was watching the volume on my main monitor and saw the sell pressure come in hard. While Bitcoin is just chopping sideways in a boring range, BNB actually showed some life — and then got smacked down. This is the kind of price action I live for. It tells a story. While some traders are panicking, I'm marking up my charts because this volatility is where the best setups are born. This isn't the time to guess; it's time to watch the levels.

Right now, price is dancing around $623. For me, this is no-man's land. The real battle is happening just below, at the psychological and technical support level of $600. We broke out from this zone in late May, and I've had an alert set for a retest ever since. This is a classic breakout-retest setup. Price is all you need to see this. You don't need complex macro takes like my friend Emma Blackwood loves; you just need to watch the tape. The story is right there in the candles.

Key Support: The pivot around $600-$605. A hold here is bullish.
Immediate Resistance: The $635 level, where sellers showed up today.
Major Resistance: The swing high at $645. A break above that signals continuation.
Volume Profile: High volume node sits right at $590, adding strength to that support area.

I'm watching for how price reacts if we do get that final flush down to $600. Do we get a massive wick on the 4-hour chart as buyers step in? Or does it slice through like it's not even there? That reaction will dictate my next move. This is a pure technical analysis for beginners type of setup, textbook stuff.

My primary watchlist setup is a long. I'm looking for a dip into that $600-$605 support zone followed by a strong bullish candle. Even better, I'm watching for a potential bullish divergence using my RSI divergence strategy. If price makes a new low below yesterday's but the RSI (14) on the 4H chart prints a higher low, that's my signal to get aggressive. My stop would be tight, just below $590, and my first target would be a retest of the $645 highs. That’s a clean 4:1 risk/reward.

On the other hand, conviction matters. If we lose $600 and the daily candle closes below it, that whole bullish structure is damaged. A break below $590 would invalidate the setup for me entirely. In that case, I'd flip my bias and look for a short on a retest of $600 as new resistance. I know Alex Volkov has been talking about potential market-wide weakness, and a failure here on a major like BNB could be the canary in the coal mine.

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The worst thing that can happen here is that price doesn't trend but just bounces between $600 and $630. That's chop city. It's designed to wreck both bulls and bears. I have to admit, my Achilles heel is revenge trading after getting stopped out on a fakeout. I wrote it in my journal last week after an ETH trade went south. So, my rule for this BNB setup is simple: I will wait for a decisive 4-hour candle close above resistance or below support. No jumping the gun.

This isn't a time for predicting. It's a time for reacting. The market will tell you which way it's going at $600. Your only job is to listen and execute.

— Jake Morrison

So, I'm patient. My alerts are set and the levels are on my whiteboard. Now we just wait for the setup to come to us. Is this just a healthy, necessary pullback before the next leg to challenge all-time highs, or are we seeing the first major cracks in the altcoin rally?