Bulls Eye $1,000: BNBUSD Needs a Break Above $870 to Ignite Rally

BNBUSD has been consolidating in a narrow range between $869 and $813 for the past five days.  It hit a high of $856 yesterday and is currently trading around $844.

Short-term trend remains bullish as long as support $745(365-4H EMA) holds. It trades above the 55,200 and 365  EMA on the 4-hour chart. Near-term support is around $800; any close below targets  $780/$755/$730/$700/$670/$650/$644/$628/$598.  If the pair closes below $500, pit potentially leads to further declines towards $400.

Immediate Resistance is at $870.Any breakout above this resistance confirms bullish momentum and a jump towards $900/$1000.

Indicators ( 4-hour Chart)

Directional Movement Index: Neutral

CCI (50):  Bullish

Trading Strategy

It is good to buy on dips around $800 with a stop-loss set at $740 and a target price of $1000.