Short BNB Trade with Resistance and Fibonacci Targets

The trading stance on Binance Coin (BNB) suggests a short position from $646 with a stop loss set at $661.75. On the 4-hour timeframe, BNB has reached a key daily trend line and nearby resistance. A selling signal emerged yesterday on the daily chart, indicating the potential for a decline in price. Furthermore, a fractal was identified on June 25th, which supports the possibility of a correction. Profit-taking points are marked with white lines, recommending to close 50% of the position within the range of 626 to 620. Once the first profit target is hit, it's advised to move the stop-loss to the breakeven point. The final profit-taking zone is projected between Fibonacci levels 141 and 161. The overall trend remains downward. Advising caution, the analysis emphasizes strict risk management and prudent action.