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Key Level to Monitor: $640
BNBUSD pair has consolidated in a narrow range between $649.90 and $732.50 for the past 5 days. It hit a fresh all-time high of $793 and is currently trading around $704.
Overall bias remains bullish as long as support $640 holds. It trades above the 34 and 55 EMA on the 4-hour chart. If the pair closes below $640, potentially leading to further declines towards $580/$550.
Immediate Resistance is at $735. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $775/$812/$848/$1000.
Indicators (4-Hour Chart)
- Directional Movement Index: Bearish
- CCI (50): Bearish
Trading Strategy
Consider buying on dips around $650, with a stop-loss set at $600 and a target price of $1000.
