So we have a possible ABC correction shown on the chart. Volume seems to confirm that.
Then we have waves 1 and 2, bouncing between the two green boxes (support and resistance) and now we've possibly begun wave 3 from the FAN support line, which should take us to the top of the wycoff distribution/re-accumulation box. I would suspect the redux resistance from the impulse down from the climax will be the resistance there, forming a wave 4 down to the green box for support. And then we have the final wave 5 that should form the actual upthrust, that should go to at least the previous climax, if not a little higher, but only a little bit, as we are not on any breakout yet, this is still a phase of distribution/re-accumulation.
After the upthrust, you would expect things to dip back down into the brown box (possibly half way, or even all the way) before building up for the final upthrust after accumulation/distribution. And at that point, the market decides whether to push BNB to new highs (the 8800 target perhaps), or whether this is distribution, and we fall much lower.
Let's see how this plays out. Obviously the ball is pretty much entirely in Bitcoins hands today, but in my opinion BTC is bullish today (Sunday); but tomorrow will be the big uncertainty!
Then we have waves 1 and 2, bouncing between the two green boxes (support and resistance) and now we've possibly begun wave 3 from the FAN support line, which should take us to the top of the wycoff distribution/re-accumulation box. I would suspect the redux resistance from the impulse down from the climax will be the resistance there, forming a wave 4 down to the green box for support. And then we have the final wave 5 that should form the actual upthrust, that should go to at least the previous climax, if not a little higher, but only a little bit, as we are not on any breakout yet, this is still a phase of distribution/re-accumulation.
After the upthrust, you would expect things to dip back down into the brown box (possibly half way, or even all the way) before building up for the final upthrust after accumulation/distribution. And at that point, the market decides whether to push BNB to new highs (the 8800 target perhaps), or whether this is distribution, and we fall much lower.
Let's see how this plays out. Obviously the ball is pretty much entirely in Bitcoins hands today, but in my opinion BTC is bullish today (Sunday); but tomorrow will be the big uncertainty!