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Key Level to Monitor: $550
Candlestick Pattern: Bearish Engulfing Pattern
The BNB/USD pair has formed a double top around 615andisexperiencingaminorsell−off.Aclosingpriceabove615andisexperiencingaminorsell−off.Aclosingpriceabove615 would signal that the upward trend may continue.
Currently, BNB/USD has declined by more than 10% due to profit booking, with the momentum now bearish, despite prices staying above the 34 and 55 EMA on the 4-hour chart. If the pair closes below $585, it could confirm a bearish trend for the day, potentially leading to further declines towards $565, $550, $540, $528, $500, and possibly down to $470.
Immediate Resistance is at $615. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $647 or even $700, should it surpass $725.
Indicators (4-Hour Chart)
- Directional Movement Index: Neutral
- CCI (50): Bullish
Trading Strategy
Consider selling on rallies around 605-606, with a stop-loss set at \620 and a target price of $560.
