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BNB/USD: Navigating Profit-Taking Amidst Bullish Undercurrents – Key Levels to Watch

BNB/USD  pared some of its gains due to profit booking. It hits a high of $707 and is currently trading around $680.

Short-term trend remains bullish as long as the support $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 $710.Any breakout above this resistance confirms bullish momentum and a jump 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 $680 with a stop-loss set at $650 and a target price of $800/$1000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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