BNB/USD Remains Bullish: Buy the Dip at $730 for a Shot at $1000

BNB/USD pared some of its gains due to profit booking. It hit a high of $810 yesterday and is currently trading around $753.90.

The pair is expected to retest $730 (resistance turned into support) and to bounce from that level.

Short-term trend remains bullish as long as support $600 holds. It trades above the 55 and 34, 200 and 365  EMA on the 4-hour chart. Near-term support is around $730; any close below targets $700/$670/$650/$644/$628/$598/$570/$520.  If the pair closes below $500, it potentially leads to further declines towards $400.

Immediate Resistance is at $810.Any breakout above this resistance confirms bullish momentum and a jump towards $841/$1000.

Indicators ( 4-hour Chart)

Directional Movement Index: Neutral

CCI (50):  Bullish

Trading Strategy

It is good to buy on dips around $730 with a stop-loss set at $700 and a target price of $800/$1000.