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BNB/USD recovered sharply following the footsteps of Bitcoin. It hit an intraday high of $657 and is currently trading around $656.70.
Short-term trend remains bullish as long as support $625 holds. It trades above the 55 and 34,200 EMA on the 4-hour chart. Near-term support is around $640(365- 4H EMA) , any breach below targets $625/$600/$570/$520. If the pair closes below $500, potentially leading to further declines towards $400.
Immediate Resistance is at $700.Any breakout above this resistance confirms bullish momentum and a jump to could suggest bullish momentum, with further gains possible towards $730/$800/$1000. Near-term resistance is around $680.
Indicators (4-Hour Chart)
- Directional Movement Index: Neutral
- CCI (50): Neutral
Trading Strategy
It is good to buy on dips around $650 with a stop-loss set at $600 and a target price of $800/$1000.
