Binance coin (BNB) maintains strong uptrend with a nearing of a micro wave cycle completion; looking for a micro wave 5 move higher towards key ~3.618 extension of micro wave 1 sitting at $900. However, a precautionary approach is appropriate given the extended nature Binance coin currently sits in. We still remain in a consolidative 4th wave period, that has yet to be completed; we may see an E wave move towards strong orderblock support indicated at chart ranging between ~$518-$540. Being patient and waiting for confirmed breakout with strong volume
; as seen on chart we have yet to have seen a strong breakout with volume
indicating that ABCDE consolidation is yet to be completed and wave 5 impulse has not occurred yet.
Precautionary measures are always advised.
- A break below $514 support would invalidate the bullish
perspective and lead to a potential move lower
- Wait for breakout then enter on pull back
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