BNBUSDT Short-term Analysis for BINANCE:BNBUSDT by SkyRockSignals

Hello, traders!
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 Elliott 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 Elliott waves 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 Elliott waves 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 pivot .
Secondly, not also pivot 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 pivot 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.

Scenario B

The Bulls get more power and the first pivot will be broken out and it will reverse on the second one. Two possible trades are also represented in the scenario.

Scenario C

Strong sideways cause of strong support and resistance . As you know, it is advised not to do any trades on choppy market.

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.

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