BNB/USD Blasts Past Resistance—Is the Bull Run Just Getting Started?
BNB/USD gained sharply as altcoin ETH gained momentum. It hits an intraday high of $720.50 and is currently trading around $720.30. The short-term trend remains bullish as long as support at $598 holds. It trades above t…
By FxWirePro Team
1 min read
Image from the original EconoTimes article
BNB/USD gained sharply as altcoin ETH gained momentum. It hits an intraday high of $720.50 and is currently trading around $720.30.
The short-term trend remains bullish as long as support at $598 holds. It trades above the 55 and 34, 200 and 365 EMA on the 4-hour chart. Near-term support is around $670; any close below targets $650/$644/$628/$598/$570/$520. If the pair closes below $500, potentially lead to further declines towards $400.
Immediate Resistance is at $730.Any breakout above this resistance confirms bullish momentum and a jump towards $762/$800/$1000.
Indicators (4-hour Chart)
Directional Movement Index: Bullish
CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $700 with a stop-loss set at $670 and a target price of $800/$1000.
Across four exchanges, the top 24-hour traders' long share rose to 26.3% at 3:13 p.m. from 21.4% this morning. The 7-day and 30-day groups were 88.8% and 89.3% short; BTC rose 0.3% and ETH fell 0.1% over 24 hours.
The 24-hour top trader group's long share across four exchanges fell to 10.1% at 7:35 a.m. from 26.3% yesterday evening. The seven-day and 30-day groups were 91.1% and 90.3% short. BTC fell 1.8% and ETH 3.6% over 24 hours.
![[Satoshi Index] Top Traders' 24-Hour Group Raises Long Share to 26%; Longer Groups 89% Short](https://wfuxxvxhdynkhcrlavdu.supabase.co/storage/v1/object/public/article-media/articles/7ee7be7726995329a25b6ff7313e8c4aa7e245e4e7a84e4f78b7225fd68507e3.webp)
