Intraday bias - Bullish
Re-test level- $553
Any close above $600 confirms a bullish continuation.
BNBUSD showed a minor profit booking after a massive jump. It hit a high of $577 and is currently trading around $568.
The pair holds above 34 and 55 EMA in the 4-hour chart. The intraday bearish trend continuation can happen if the pair closes below $537. On the lower side, the near-term support is $560. Any break below targets $540/$527 (38.2% fib)/$520 (200- day EMA) $490/$470/$456 (127.2% fib)/$437 (1.618% fib)/$403 is possible.
The immediate resistance stands at around $578. Any breach above confirms minor bullishness. A jump to $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 - Neutral
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around $559 with SL around $540 for TP of $605/$700.
