BNB/USD Consolidates: Is a Bullish Breakout Imminent?

BNB/USD has been consolidating in a narrow range between $674 and $660 for the past two days. It hit an intraday low of $660 and is currently trading around $665.93.

Short-term trend remains bullish as long as support $625 holds. It trades above the 55 and 34,200 EMA on the 4-hour chart. Near-term support  is around $640(365- 4H EMA) , any breach below targets $625/$600/$570/$520.  If the pair closes below $500, potentially leading to further declines towards $400.

Immediate Resistance is at $700.Any breakout above this resistance confirms bullish momentum and a jump to could suggest bullish momentum, with further gains possible towards $730/$800/$1000. Near-term resistance is around  $680.

Indicators (4-Hour Chart)

• Directional Movement Index: Neutral
   
• CCI (50): Neutral

Trading Strategy

It is good to buy on dips around $650 with a stop-loss set at $600 and a target price of $800/$1000.