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Key Level to Monitor: $545
The BNB/USD pair gained momentum as Trump won the US Presidential election. The pair surged more than $40 from yesterday's low of $543. It hit a high of $589.50 and is currently trading around $582. A closing price below $545 confirms further bearishness.
Trump's victory was strengthened by wins in important battleground states, including:
- Wisconsin (10 electoral votes)
- Pennsylvania (19 electoral votes)
- Georgia (16 electoral votes)
- North Carolina (16 electoral votes)
These states were crucial in helping him exceed the 270 electoral votes needed to become president.
Intraday bias remains bullish, with prices staying above the 34 and 55 EMA on the 4-hour chart. If the pair closes below $560, potentially leads to further declines towards $545, $528, $500, and possibly down to $470.
Immediate Resistance is at $600. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $615/$647 or even $700, should it surpass $725.
Indicators (4-Hour Chart)
- Directional Movement Index: Bullish
- CCI (50): Bullish
Trading Strategy
Consider buying on dips around $560, with a stop-loss set at $540 and a target price of $615.
