BNB has been oscillating in a wide channel since Feb last year (2021); almost ideal situation for swing traders.
Now, since last Jun, BNB started a upward (impulse) wave and recently broke a major downtrend line, and now an inverted wedge as a correction pattern is almost finished. Can we see BNB reach the upper line of the channel? or even break the channel and ascend further? Yes? maybe?
Well, not so soon. Have to wait for BTC to break some major lines, Fed's next Wednesday meeting and see how stock market will react!
Also market is acting strange today: SPX up, DXY up and BTC is also up. So be careful :)
Now, since last Jun, BNB started a upward (impulse) wave and recently broke a major downtrend line, and now an inverted wedge as a correction pattern is almost finished. Can we see BNB reach the upper line of the channel? or even break the channel and ascend further? Yes? maybe?
Well, not so soon. Have to wait for BTC to break some major lines, Fed's next Wednesday meeting and see how stock market will react!
Also market is acting strange today: SPX up, DXY up and BTC is also up. So be careful :)
Comment:
BNB weekly chart update
BNB weekly chart update
Comment:
BNB daily chart update.
BNB daily chart update.
Comment:
After BNB broke the minor downtrend, an uptrend wave started, then BNB went into correction wave which seems pulling back on the major uptrend line. Let's wait and see when this correction ends.
After BNB broke the minor downtrend, an uptrend wave started, then BNB went into correction wave which seems pulling back on the major uptrend line. Let's wait and see when this correction ends.
Comment:
BNB proceeds according to the analysis. If BNB breaks the wide channel's middle line, further upward movement is possible. Let's see what happens.
BNB proceeds according to the analysis. If BNB breaks the wide channel's middle line, further upward movement is possible. Let's see what happens.
Comment:
So, BNB broke the wide channel's middle line, and that means hello to the channel's upper line. There is probably a pullback or a correction. Let's see what happens.
So, BNB broke the wide channel's middle line, and that means hello to the channel's upper line. There is probably a pullback or a correction. Let's see what happens.
Comment:
So, if BNB breaks the wide channel upward, there are two possible targets that BNB can reach. The first is the green line, which is equal to the width of the channel. And the second is either the 0.786 or 1 Fib extension levels. In the past, minor wave 5 has reached the Fib extension level 1; can the current major wave 5 do the same? Let's see what happens.
So, if BNB breaks the wide channel upward, there are two possible targets that BNB can reach. The first is the green line, which is equal to the width of the channel. And the second is either the 0.786 or 1 Fib extension levels. In the past, minor wave 5 has reached the Fib extension level 1; can the current major wave 5 do the same? Let's see what happens.
Comment:
Wow, just amazing; BNB went up and reached the wide channel's upper line. The extended wave v reached the upper line. So, BNB could rest here for a while; either under this line or break the line and rest above it. Let's see what happens.
Wow, just amazing; BNB went up and reached the wide channel's upper line. The extended wave v reached the upper line. So, BNB could rest here for a while; either under this line or break the line and rest above it. Let's see what happens.
BNB analysis is still valid: oscillating in a wide sideways channel. Recently, BNB made a double bottom. Let's see if this will make BNB start an upward wave or not.
P.S. Notice how the price reacted to the channel's middle line almost every time.