BNBUSD Bounces Above $1000: Buy the Dip at $980, Eyeing $1200 Target

BNBUSD showed a minor profit-booking after forming a temporary top around $1034.90. It hits an intraday low of $1006.90 and is currently trading around $1009.50.

Oscillators and moving averages to forecast the trend of XMR

CMP- $1009.50

EMA (4-hour chart)

55-EMA- $990.40

200-EMA- $938.80

365-EMA- $889.40. The pair trades above the short and long-term moving averages.

Previous week low- $933.40 (Sep 26th low). Any breach below $930 will drag the pair down to $889/$870/$830.

Previous week high- $1051 (Sep 22nd high).  Any break above $1051 confirms minor bullishness, a jump to $1087.10/$1100/$1130.

Indicators (4-hour chart)

CCI(50)- Bullish

ADX- above 20 showing neutral bias

Investment Strategy for BNBUSD

It is good to buy on dips around $980 with a stop loss around $930 for target profits of $1100.

BNBUSD found support around the 55-4H EMA and had a modest pullback above $1000. It is now trading around $1005.70 after reaching an intraday high of $1014.

Short-term trend remains bullish as long as support $872 (365 4H EMA) holds. It trades above the 55,200 and 365  EMA on the 4-hour chart. Near-term support is around $985; any close below targets  $960/$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 $1035.Any breakout above this resistance confirms bullish momentum and a jump towards $1050/$1100/$1150/$1200.

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 $930 and a target price of $1150/$1200