Chart Pattern- Zero line reject (ZLR) in 4-hour chart
BNBUSD trades above $1000 after taking support near 38.2% fib. It hits an intraday low of $963 and is currently trading around $991.30.
Short-term trend remains bullish as long as support $860 (365 4H EMA) holds. It trades above the 55,200 and 365 EMA on the 4-hour chart. Near-term support is around $960; any close below targets $940/$928/$900/$865/$845/$810/$780/$755/$740. If the pair closes below $500, it potentially leads to further declines towards $400.
Immediate Resistance is at $1014.Any breakout above this resistance confirms bullish momentum and a jump towards $1100/$1150.
Indicators ( 4-Hour Chart)
Directional Movement Index: Bullish
CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $980 with a stop-loss set at $940 and a target price of $1100.
