BNB/USD on the Brink: Bulls Build Momentum as Narrow Range Signals Big Move

BNB/USD has been consolidating in a narrow range between $666.30 and $650.70 in the past four days. It hits an intraday high of $666.30 and is currently trading around $663.50.

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 $646.40 (365- EMA), any close below targets $628/$598/$570/$520.  If the pair closes below $500, potentially lead to further declines towards $400.

Immediate Resistance is at $669.Any breakout above this resistance confirms bullish momentum and a jump towards $680/$730/$800/$1000.

Indicators (4- hour Chart)

• Directional Movement Index: Bullish
   
• CCI (50):  Bullish

Trading Strategy

It is good to buy on dips around $650 with a stop-loss set at $635 and a target price of $800/$1000.