BNBUSDT BEARISH, Bulls be careful!
This analysis is on BNBUSDT however, it relates to the market as a whole as all major crypto coins usually trend in the same direction.
This (A)(B)(C) Elliott Wave pattern indicates weakness from the bulls.
Wave (C) formed an "ending wave diagonal" where wave 3 is shorter than 1 and 5 is shorted than 3. This usually indicates exhaustion from the bulls and a reversal to the downside.
The red box indicates an area that would be good to enter a short position.
The green box is where previous support was found due to high levels of volume being recorded. The green box is also where (D) would equal 0.618 (the golden ratio) of (B). This is a common ratio for wave (D) if an ABCDE triangle was to form. In order to reach this level, the price would need to break below the upward sloping trend line.
I hope this helps you with your trading and as always, good luck!
Disclaimer: Not financial advice, intended for educational purposes only
This (A)(B)(C) Elliott Wave pattern indicates weakness from the bulls.
Wave (C) formed an "ending wave diagonal" where wave 3 is shorter than 1 and 5 is shorted than 3. This usually indicates exhaustion from the bulls and a reversal to the downside.
The red box indicates an area that would be good to enter a short position.
The green box is where previous support was found due to high levels of volume being recorded. The green box is also where (D) would equal 0.618 (the golden ratio) of (B). This is a common ratio for wave (D) if an ABCDE triangle was to form. In order to reach this level, the price would need to break below the upward sloping trend line.
I hope this helps you with your trading and as always, good luck!
Disclaimer: Not financial advice, intended for educational purposes only