BNB struggling to find momentum. Is wave 4 still underway?

112
BNB is stuck in a range at the bottom of its macro retracement structure.

Altcoins are falling behind major BTC and ETH right now, who are showing signs of bullish reversals.

Bullish divergence has emerged in the daily RSI but the response was weak. RSI almost had a weak hidden bearish divergence.

Price was rejected at the daily pivot and the structure continues to be lower highs and lower lows, while remaining well below the daily 200EMA.

Wave 4 can not end below the 0.5 Fibonacci retracement which price flirting with now. If this happens, the macro structure will be a wave 2 instead with a textbook Elliot wave ABC correction.





Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.