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BNB/USD: Profit-Taking Pulls Price to $804, But Bullish Trend Holds Strong

BNB/USD pared some of its gains due to profit booking. It hit a low of $795 yesterday and is currently trading around $804.

Short-term trend remains bullish as long as the support $698 holds. It trades above the 55 and 34, 200 and 365  EMA on the 4-hour chart. Near-term support is around $795; any close below targets $ 786, $ 740, $700, $670, $650, $644, $628, or $598.  If the pair closes below $500, potentially lead to further declines towards $400.

Immediate Resistance is at $830.Any breakout above this resistance level confirms bullish momentum and a potential jump towards $ 862, $900, or $1000.

Indicators ( 4-hour Chart)

Directional Movement Index: Neutral

CCI (50):  Bullish

Trading Strategy

It is good to buy on dips around $780-82 with a stop-loss set at $740 and a target price of $1000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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