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BNB/USD formed a triple bottom near $640 and showed a minor pullback. It hit an intraday high of $673.70 and is currently trading around $667.10.
Short-term trend remains bullish as long as support of $640 holds. It trades above the 55 and 34,200 EMA on the 4-hour chart. Near-term support is around $640(200- 4H EMA) , any breach below targets $630/$600/$570/$520. If the pair closes below $500, potentially leading to further declines towards $400.
Immediate Resistance is at $700. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $730/$800/$1000.
Indicators (4-Hour Chart)
- Directional Movement Index: Neutral
- CCI (50): Bearish
Trading Strategy
It is good to buy on dips around $665 with a stop-loss set at $630 and a target price of $800/$1000.
