Key Level to Monitor: $545
The BNB/USD pair surged more than $60 following the victory of Trump as 47 th president of US. It hits a high of $611.40 yesterday and is currently trading around $598.60. A closing price below $545 confirms further bearishness.
Intraday bias remains bullish , prices staying above the 34 and 55 EMA on the 4-hour chart. If the pair closes below $585, potentially leading to further declines towards $559,$545, $528, $500, and possibly down to $470.
Immediate Resistance is at $615. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $647 or even $700, should it surpass $725.
Indicators (4-Hour Chart)
- Directional Movement Index: Bullish
- CCI (50): Bullish
Trading Strategy
Consider buying on dips around $585, with a stop-loss set at $559 and a target price of $647.
