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BNB/USD pared some of its gains due to profit-booking. It hit a high of $692.70 yesterday and is currently trading around $654.
Overall bias remains bullish as long as support $500 holds. It trades above the 34 and 55 EMA on the 4-hour chart. The pair took support near 34- 4H EMA and showed a minor pullback.Near-term support is around $640 , any breach below targets $600/$570/$520. If the pair closes below $500, potentially leading to further declines towards $400.
Immediate Resistance is at $680. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $700/$730/$800/$1000.
Indicators (4-Hour Chart)
- Directional Movement Index: Bullish
- CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $640 with a stop-loss set at $570 and a target price of $800/$1000.
