BNB/USD trades weakly following the footsteps of BTC. It hit an intraday low of $763.30 yesterday and is currently trading around $768.10.
Short-term trend remains bullish as long as the support $698 holds. It trades below the 55 and 34, 200 and 365 EMA on the 1-hour chart. Near-term support is around $760, any close below targets $735/ $700/$670/$650/$644/$628/$598. If the pair closes below $500, potentially lead to further declines towards $400.
Immediate Resistance is at $780.Any breakout above this resistance confirms bullish momentum and a jump towards $800/$820/$830/$862/$900/$1000.
Indicators ( 1-hour Chart)
Directional Movement Index: Neutral
CCI (50): Bearish
Trading Strategy
It is good to buy on dips around $700 with a stop-loss set at $600 and a target price of $1000.
