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Intraday Outlook - Bullish
Key Level to Monitor: $550
BNBUSD recovered sharply above $600 after a minor sell-off. A closing price above $615 would suggest that the upward trend is likely to persist.
The BNB/USD pair showed a nice jump of more than $40 from a minor bottom $565.Current momentum is bullish, with prices remaining above both the 34 and 55 EMA on the 4-hour chart. The pair should close above 615 for further bullishness. Conversely, a drop below $565 could indicate a bearish trend for the day. A breach of this level might lead to further declines toward $550, $540, $528, $500, and potentially $470.
The immediate resistance is positioned around $615; breaking through this level may suggest some bullish momentum. Should prices exceed $615, there could be potential for further gains to $647 or even $700, with a possibility to reach $800 if it surpasses the $725 mark.
Indicators (4-hour chart)
Directional Movement Index: Bullish
CCI (50): Bullish
It may be wise to consider buying on pullbacks around $590 with a stop-loss placed at $565 and a target price of $700.
