BNB/USD: Consolidating After Massive Jump, $1000 Target in Sight

BNB/USD is consolidating in a narrow range after a massive jump of more than $350 in the past three months. It hits a high of $861  and is currently trading around $758.20.

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 lead 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.