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BNB/USD struggled to break above the significant resistance of $700 and showed a minor sell-off after hitting a high of $697.70. It hit an intraday low of $680 and is currently trading around $681.50.
Short-term trend remains bullish as long as support of $650 holds. It trades above the 55 and 34,200 EMA on the 4-hour chart. Near-term support is around $650, any breach below targets $630/$600/$570/$520. If the pair closes below $500, potentially leading to further declines towards $400.
Immediate Resistance is at $700. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $730/$800/$1000.
Indicators (4-Hour Chart)
- Directional Movement Index: Neutral
- CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $665 with a stop-loss set at $630 and a target price of $800/$1000.
