$20 Target - At start of 5 wave and maybe start of huge run
Updated
BNB is following a common pattern most cryptos are on where it just completed the end of a 4 wave and is working on wave 5 of an impulse.
Also like most cryptos, its 5 wave fib extension region matches with a prior congestion region. For BNB it's about 21 or so. I think scaling out of longs between 19 and 21 would be reasonable.
There is also the possibility that this is the start of a huge run up because it's going parallel with several pitchforks and could target the median line back toward the high near 40.
I like it both on the short term and long term for longs. I think it has broken out of the downward channel and the 4 wave point actually tagged the back side of it which by itself is very bullish. This is about as ideal a setup as you get.
Also like most cryptos, its 5 wave fib extension region matches with a prior congestion region. For BNB it's about 21 or so. I think scaling out of longs between 19 and 21 would be reasonable.
There is also the possibility that this is the start of a huge run up because it's going parallel with several pitchforks and could target the median line back toward the high near 40.
I like it both on the short term and long term for longs. I think it has broken out of the downward channel and the 4 wave point actually tagged the back side of it which by itself is very bullish. This is about as ideal a setup as you get.
Note
I went pretty heavy on this, glad I did because it's working great so far!Note
Time to be selling!
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