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BNB/USD surges sharply as Bitcoin reaches a new all-time high. It hits an intraday high of $691.40 and is currently trading around $690.46.
The short-term trend remains bullish as long as support at $598 holds. It trades above the 55 and 34, 200 and 365 EMA on the 4-hour chart. Near-term support is around $670; any close below targets $650/$644/$628/$598/$570/$520. If the pair closes below $500, potentially lead to further declines towards $400.
Immediate Resistance is at $700.Any breakout above this resistance confirms bullish momentum and a jump towards $730/$800/$1000.
Indicators (4-hour Chart)
- Directional Movement Index: Bullish
- CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $680 with a stop-loss set at $650 and a target price of $800/$1000.
