Intraday bias - Bullish
Horizontal trend line- $605
Any close above $562 confirms intraday bullishness.
BNBUSD pared some of its gains after forming a minor top around $562. It hit a low of $527 and is currently trading around $538.
The pair holds above 34 and 55 EMA in the daily chart. The intraday bearish trend continuation can happen if the pair closes below $470. On the lower side, the near-term support is $527 (38.2% fib). Any break below targets $520 (200-day EMA) $490/$470/$456 (127.2% fib)/$437 (1.618% fib)/$403 is possible.
The immediate resistance stands at around $541. Any breach above confirms minor bullishness. A jump to $562.50 (50% fib)/$569/$605 is possible. Bullish continuation only if it breaks $605. A surge past $605 will take it to $700.
Indicators ( Daily chart)
Directional movement index - Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around $540 with SL around $518 for TP of $605/$700.
