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Intraday bias - Bearish
Horizontal trend line- $605
Any close above $555 confirms intraday bullishness.
BNBUSD continues to trade weak after forming a minor top around $598.The pair is facing strong resistance near the 200-day EMA and is struggling to close above that level for the past three days. It hit a high of $538.70 on Tuesday and is currently trading around $504.30.
The bullish invalidation can happen if the pair closes below $403 (Aug 5th low). On the lower side, the near-term support is $495. Any violation below confirms bearish continuation. A dip to $477/$450/$403 is possible.
The immediate resistance stands at around $520.40 (200-day EMA). Any breach above confirms minor bullishness. A jump to $541/$553 is possible. Bullish continuation only if it breaks $553. A surge past $553 will take it to $605/$700.
Indicators ( Daily chart)
Directional movement index -Bearish
CCI (50)- Bearish
CCI(14)- Bearish
It is good to buy above $553 with SL around $519 for TP of $700.
