As anticipated 10 days ago at this post, today BINANCE COIN has reached the expected point on which markets used to confirm the “reversal” trend, the GOLDEN CROSS.
For me this is a clear indication of Bulls back to the action, of course, only regarding this Coin.
As you can see in the image, there are 5 waves completed, the price reached the target of 12 USD and seems BNB is starting to build the correspondent correction.
An ABC correction used to get completion in the territory of the previous 4th wave, in this case, this territory is 61.8 % of the total rise (61.8 FIBO level)
Where are we in the Mid-term?
BINANCE may have completed the 1st impulsive wave ofa higher degree Uptrend Cycle. If so, my Elliot Wave count placed on the weekly chart together with the use of the relevant FIBONACCI levels for identifying key resistance launch a 2nd Wave entry point around 9.8 / 10.2 USD while a “traditional” target for the 3rd wave completion (1.618 FIBO level) would be around 22 USD and 30 USD for a more aggressive target in case that wave would be extended…
Remember that time variable is the less certain when analyzing charts…After a GOLDEN CROSS, the rise could be really “explosive”…
…and, by the way, if you have time read the following article, just in case you would like to reassure the shot: Binance Coin (BNB) Becomes 8th Largest Crypto After Gaining 75% in a Month
Hope the rest of the market will follow BINANCE during this trip!