FxWirePro- BNBUSD Daily Outlook

Intraday Outlook - Optimistic

Key Level to Monitor: $550

A closing price above $620 would suggest that the upward trend is likely to persist.

The BNB/USD pair has experienced a slight decline due to profit-taking, moving within a narrow range of $724 to $403 over the past four and a half months.

Current momentum is neutral, with prices remaining above both the 34 and 55 EMA on the 4-hour chart. To sustain the bullish outlook, it is crucial to close above $620. Conversely, a drop below $585 could indicate a bearish trend for the day. A breach of this level might lead to further declines toward $560, $550, $540, $528, $500, and potentially $470.

The immediate resistance is positioned around $620; breaking through this level may suggest some bullish momentum. Should prices exceed $620, 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 $585, with a stop-loss placed at $550 and a target price of $700.

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