Horizontal trend line- $605
BNBUSD trades flat with an intraday bias bearish.
Any daily close above $605 confirms further bullishness.
BNBUSD has taken support near the 200-day EMA and showed a minor pullback. The pair holds below the short-term (34 and 55 EMA) and long-term moving average in the 4-hour. It hit a high of $575 this week and is currently trading around $540.70.
The bullish invalidation can happen if the pair closes below $403 (Aug 5th low). On the lower side, the near-term support is $519.80 (200-day EMA). Any break below targets $500/$460/$449.
The immediate resistance stands at around $553. Any breach above confirms minor bullishness. A jump to $569/$580/$600 is possible. A surge past $605 will take it to $700.
Indicators ( 4- hour chart)
Directional movement index -Bearish
CCI (50)- Bearish
CCI(14)- Bullish
It is good to buy on dips around $520 with SL around $470 for TP of $605.
