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BNB/USD trades above $600 following footsteps of Bitcoin. It hits an high of $612.70 at the time of writing and is currently trading around $609.
Overall bias remains bullish as long as support $500 holds. It trades above the 34 and 55 EMA on the 4-hour chart. Near-term support is around $560, any breach below targets $50. If the pair closes below $500, potentially leading to further declines towards $400.
Immediate Resistance is at $645. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $678/$700/$730.
Indicators (4-Hour Chart)
- Directional Movement Index: Bullish
- CCI (50): Bullish
Trading Strategy
It is good to buy on dips around $600 with a stop-loss set at $540 and a target price of $730/$1000.
