As you know, BNB is one of the most powerful altcoins with high capitalization and great fundamentals. That’s why we consider it profitable to trade BNB if market conditions allow. Moreover, we’ll show you how to apply techniques that we described in tutorials to get as much profit as it’s possible. So, have a look at the plot.
The first and the most important thing is pattern. As you can see, the ascending motive wave has been already interrupted and price is in the faze of correction. As you remember from our analysis tutorial, the first wave of correction ABC (wave A) is in motive style (12345). If you don’t understand what we mean, please, initially read our tutorial “Mastering principles”. In our opinion, the Wave A has already finished, and we should see the ascending corrective wave. Firstly, the price has rejected from monthly .
Secondly, not also is support for it, but also 0.618 Fib.
The past price action says that the breaking out these levels could hardly be possible now. However, market is very tough thing and there’s no anything impossible.
Considering all these facts we have built some possible scenarios
Scenario A (most probable in our opinion)
The price will built wave B of ABC reject from the and 0.786 Fib level and go down to “golden pocket” or even lower. So, here are two possible trades. Long, at the beginning of wave B and short at the end of it.
All the scenarios are possible. However, market conditions are able to change rapidly. That’s why, before making a trade make your own analysis and research. Have a nice trading day, dear traders!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.