BNBUSD Teeters on Breakout: Bulls Eye $1000 as Support Holds Firm

BNBUSD has been consolidating in a narrow range between $881 and $831 for the past week. It hits an intraday high of $868 and is currently trading around $854.30. 

Short-term trend remains bullish as long as support $788 (365-4H EMA) holds. It trades above the 55,200 and 365  EMA on the 4-hour chart. Near-term support is around $830; any close below targets  $800/$780/$755/$730/$700/$670/$650/$644/$628/$598.  If the pair closes below $500, it potentially leads to further declines towards $400.

Immediate Resistance is at $900.Any breakout above this resistance confirms bullish momentum and a jump towards $943/$1000.

Indicators ( 4-hour Chart)

Directional Movement Index: Neutral

CCI (50):  Bearish

Trading Strategy

It is good to buy on dips around $830 with a stop-loss set at $780 and a target price of $1000.