Update - Is BNB ready for the next leg up?
Hi traders and thank you for joining this Set-up update. My name is Shayan and I'm primarily a Wyckoff trader.
We've been following the
BNBUSDT
price action Since Sept 1st, and boy has it been a great ride!!
We are now at a scary level where the crypto market is susceptible to continue the bear trend. But since BNB has been leading, instead of a test of spring we have a test of Backing up Action (BU)
In this analysis, I will once again take a step back and start at the weekly level to see how we've fared so far:
On the bearish side: we could be having an analog of the 2019 price action, where we continue to push higher and then fail as an Upthrust (UT)
On the other hand, if we soon create another trading range and absorb the supply + create a causality for the next leg up, we can go even beyond the $38 ATH!
The Eliott Wave count below will show that we have successfully finished a 5 wave impulse, with wave 5 hitting the 1.618 Fib level of Wave 3 PA.
This should make us ready for possibly a zigzag with a deep and aggressive correction with ABC structure.
This idea is on board with the Backing Up action (BU) geometry of a Wyckoffian reaccumulation range as discussed in more details below: (this is the title chart)
From the chart above we can see that we possibly have a trading range for the larger BU.
The trading range would create the causality we're looking for for the next leg up
And lower tests toward $28 or even $25.5 could give us more opportunities to buy low!
The backing up action OF the backing up action will be my main entry!
That's it for BNB, I'll be making an update for my LEND set-up next and a video looking at the crypto market as a whole in the next couple of days!
Be sure to follow me in order to stay up to date with the price action :)
If you liked my analysis or are following through, please give it a thumbs up! I put a lot of work in my analysis and your support will let TradingView know my articles are helpful!
Good luck and till next time traders!
We've been following the
BNBUSDT
price action Since Sept 1st, and boy has it been a great ride!! We are now at a scary level where the crypto market is susceptible to continue the bear trend. But since BNB has been leading, instead of a test of spring we have a test of Backing up Action (BU)
In this analysis, I will once again take a step back and start at the weekly level to see how we've fared so far:
On the bearish side: we could be having an analog of the 2019 price action, where we continue to push higher and then fail as an Upthrust (UT)
On the other hand, if we soon create another trading range and absorb the supply + create a causality for the next leg up, we can go even beyond the $38 ATH!
The Eliott Wave count below will show that we have successfully finished a 5 wave impulse, with wave 5 hitting the 1.618 Fib level of Wave 3 PA.
This should make us ready for possibly a zigzag with a deep and aggressive correction with ABC structure.
This idea is on board with the Backing Up action (BU) geometry of a Wyckoffian reaccumulation range as discussed in more details below: (this is the title chart)
From the chart above we can see that we possibly have a trading range for the larger BU.
The trading range would create the causality we're looking for for the next leg up
And lower tests toward $28 or even $25.5 could give us more opportunities to buy low!
The backing up action OF the backing up action will be my main entry!
That's it for BNB, I'll be making an update for my LEND set-up next and a video looking at the crypto market as a whole in the next couple of days!
Be sure to follow me in order to stay up to date with the price action :)
If you liked my analysis or are following through, please give it a thumbs up! I put a lot of work in my analysis and your support will let TradingView know my articles are helpful!
Good luck and till next time traders!
