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Technical Analysis of BNB/USD for Aug 11
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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