BNB Neowave - Elliott Wave Theory Analysis (Weekly - Long Term)
Updated
BNB completed the correction with a triangular structure in the 2017 bull season, it seems that this has become a tradition, what I mean is that the correction structure it has formed since May 2021 is also a triangular pattern. (Some sources may call wedge etc. patterns)
In this case, our expectations are that the bottom will be tested in March - April 2024 in terms of time and $123 (and $98 with a wick) in terms of price.
While these levels are the expectation of the triangle structure, they are also supportive with the 2021 bull coinciding with the fib 0.382 level. (We also saw a 0.382 correction in the previous bull season).
In the shorter term, the $261 level may be a zone where the bearish liquidity will gather, so short additions can be made from this region, which is called the "short zone". If it does not reach this level, a new "short setup" can be established below the previous low of $190. I will share these possibilities with you here.
Posts will continue under a new heading with the end of each structure. As long as the structure does not break down or end, the analysis will continue with additions on this post. Updates will be made every week (usually on Mondays)
In this case, our expectations are that the bottom will be tested in March - April 2024 in terms of time and $123 (and $98 with a wick) in terms of price.
While these levels are the expectation of the triangle structure, they are also supportive with the 2021 bull coinciding with the fib 0.382 level. (We also saw a 0.382 correction in the previous bull season).
In the shorter term, the $261 level may be a zone where the bearish liquidity will gather, so short additions can be made from this region, which is called the "short zone". If it does not reach this level, a new "short setup" can be established below the previous low of $190. I will share these possibilities with you here.
Posts will continue under a new heading with the end of each structure. As long as the structure does not break down or end, the analysis will continue with additions on this post. Updates will be made every week (usually on Mondays)
Note
BNB completed the E wave at the $200 level. The next correction will give an idea for the next structure to form and this will be a buying opportunity. The first correction after the turquoise rectangle is possible up to the 224 levels, followed by the same rectangle (there may be more). For this reason, I do not plan to open short trades and I plan to take long trades on the next correction. I will be here every Monday, don't leave me alone :) If you have any questions, do not hesitate to ask.
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