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 a…
By FxWirePro Team
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Image from the original EconoTimes article
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.
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.
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