Intraday bias - Bullish
Re-test level- $562
Any close above $600 confirms a bullish continuation.
BNBUSD trades higher for the third consecutive week. It hit a high of $599 and is currently trading around $590.90.
The pair holds above 34 and 55 EMA in the 4-hour chart. The bullish trend continuation can happen if the pair closes above $600. On the lower side, the near-term support is $575. Any break below targets $560/$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 $605. Any breach above confirms minor bullishness. A jump to $620/$647/$700 is possible. A surge past $725 will take it to $800.
Indicators ( Daily chart)
Directional movement index - Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around $570 with SL around $540 for TP of $700.
