BNB Bounces at $730 Support, Eyes $1,000 Breakout

BNB/USD took support near $730 (resistance turned into support). It hit a low of $729 yesterday and is currently trading around $758.

Short-term trend remains bullish as long as the support $698 holds. It trades below the 55 and 34, above the 200 and 365  EMA on the 1-hour chart. Near-term support is around $729, any close below targets  $700/$670/$650/$644/$628/$598.  If the pair closes below $500, potentially leading to further declines towards $400.

Immediate Resistance is at $780.Any breakout above this resistance confirms bullish momentum and a jump towards $800/$820/$830/$862/$900/$1000.

Indicators ( 4-hour Chart)

Directional Movement Index: Neutral

CCI (50):  Bearish

Trading Strategy

It is good to buy on dips around $700 with a stop-loss set at $600 and a target price of $1000.