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BNB Price Update: Inspecting a Rare Flat Corrective PatternBinance Coin's (BNB) weekly chart printed a long-term corrective flat pattern following the sell-off from May 2021 all-time high. This is rare corrective pattern, so let’s review this pattern and why $200 is the most significant BNB support level. BNB Regular Flat Based on the Elliott Wave theory, a flat pattern is a 3-wave corrective pattern with a 3-3-5 internal wave structure. Down from the all-time high of $704, wave A ended at a $211 swing low, and the corrective wave B ended at a $696 swing high. Third wave C has been unfolding down from the $696 swing high in what is almost always a 5-wave structure. Here we can note an exciting price development: while wave C already extended beyond the wave A low, the internal subdivision only shows 4 waves. Usually, the last wave in a 5-wave sequence breaks beyond wave 3, but sometimes the fifth wave fails to move beyond wave 3 in an anomaly known as a truncated fifth wave. This makes the whole BNB corrective pattern extremely rare. BNB Support Level The $200 level plays a major role in the whole flat pattern because, on a weekly closing basis, both wave A and wave C couldn't break below that level. While wave C extended towards the $183 low, it could not break the $200 support. In the short term, as the price approaches the apex ($200 support level), the 20-month corrective pattern may be near its completion phase.
BINANCE:BNBUSD
by cryptohopper
BNBUSD Short-term buy signal using Bollingers and RSIThe Binance Coin (BNBUSD) is on a short-term rebound after it broke below its Bollinger Bands on the 1D time-frame. Since May every time that happened while also the RSI rebounded after breaking into oversold territory (below 30.000), the price rose by at least +30%. Such rise will put BNB at $286.50 near the top of the Bollingers. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BINANCE:BNBUSDLong
by TradingShot
4
Binance Soars Towards $800 Despite Widespread FUDBinance, a giant in the crypto ecosystem, is gearing up for an important run as it looks towards a new all-time high. With much speculation around a recent audits and interviews, price action is seemingly unaffected as buyers continue to load up on the dip. Interpreting the price action from BNB's all-time low, I believe that it is due to test the $800 mark (or come damn close to it) at some point late in 2023 or early 2024. Considering this pending upside wave as the last in its first cycle (Wave 5), I too fully expect for Binance to make a tremendous drop afterwards. Making a 32637X move from the lowest price point ($0.00) to the highest (believed to be $800 roughly), at minimum , Binance should drop towards the 38-50% fib levels . 61.8% and 78.6% are also very commonly seen under these circumstances. As a Binance investor, I would personally begin to look for sells/exit near $800. As a user, I would consider switching to another broker or to cold storage. Typically when crypto brokers suffer these sort of sizeable setbacks, withdrawals are frozen. Itll be very interesting to see how this plays out over the next 1-3 years. Until next time, stay safe and whatever you do, don't drown. Surf!
BINANCE:BNBUSD
by DigitalSurfTrading
4
Binance Coin: stress test is over?Questioning about Binance`s business involvement with collapsed FTX has been in the news spotlight during the previous week. This was very negative for both Binance and its main coin, BNB, as investors and traders moved significant amounts of funds from the exchanger. Based on official information from Binance representatives, it seems that the company managed to overcome time of extreme stress. In this sense, it could be assumed that the price of BNB could calm down soon. BNB started the previous week above level of $280 but the news soon hit the market, so during the whole week the coin was traded in red. Lowest level was reached at Saturday`s trading session around level of $220. However, during this time, buying orders started to emerge, and BNB is ending the week above $230. At the same time RSI was pushed to the oversold side of the market, which implies that the bottom of the latest round is over and that it is time for a short reversal. Regardless of the latest move, moving averages of 50 and 200 days continued their road as two parallel lines. Looks like the golden cross from the beginning of November is still not affected by the latest negative news, which is positive for BNB. After significant news hits the market, it takes a few days for the market to calm down. In case that selling orders for BNB continue to emerge, the price might go down to the $200 support line. On the other hand, some short reversal might be expected, considering that RSI reached a clear oversold side. In this sense, it could be expected for the price of BNB to revert up to the level of the $250 resistance line. Whether the price could return back to the level of $300 is under question at this moment.
BINANCE:BNBUSD
by XBTFX
BNB testing the weekly 200 average📈 On the weekly chart the price is testing the exponential 200 average 🚨In ​​case the scenario continues to be bad, the price could retest the bottom in the blue 🟦 region, going at $ 183, in a 27% drop. 🚨🚨 In an even worse scenario, it could test further down the 🟩61.8% retracement (between $150, $117) and 🟨50% retracement (between $100 and $67). 📈Looking at the daily chart, if the price breaks the orange 🟧rectangle that goes from $250 to $260, we could have a return to the average of 200, at the price of $300: 📰🤥News, FUD, and my reflections Amidst FUDs that the exchange is not able to honor customer withdrawals, and about the disappearance of the audit firm, the token was one of the ones that dropped the most against tokens from centralized exchanges: 💸 Because of this, there was a record of withdrawals, and this moment is proving to be a great stress test: 📈However, as I analyzed above in the chart, everything is still normal, and even if the price drops further, it would be a perfectly normal correction. Also, exchanges earn from transaction fees, not the price of tokens. 💬 The narrative of the traditional market and the mainstream media is that 'It is necessary for exchanges to prove that they are capable of honoring cryptocurrency withdrawals'. 🤔 So I ask them the question: ❓Are banks able to honor cash withdrawals? 👨‍👨‍👧‍👧Population: Take a test and withdraw all the money. Now. 🚔See if a war tank appears to protect the bank... 🤡 The difference between Credit Suisse and Binance is that Credit Suisse can break because the government protects it. I think this is all one big narrative to manipulate the price. Or an ideal pretext for creating regulation, and for banks to have a monopoly on controlling money.
BINANCE:BNBUSD
by andre_007
BNBUSD Why it is perhaps the best investment you can make nowThe strong pull-back on Binance Coin (BNBUSD) since the November 27 High (which was a Lower High of the Nov 08 FTX crash) seems to have come to an end as the 1D RSI breached below the 30.000 oversold barrier and is rebounding. This is identical in price action to the June low formation which resulted into a bottom that kick-started a rise to the previous Lower High (now Resistance). Even the price action prior to the November 08 High resembles the sequence prior to the April 05 High. In fact both of those highs were made a little over the 1W MA50 (red trend-line). In any case, every time the 1D RSI drops below 30.000 and then rebounds, it is a strong buy signal on the medium-term. See also the symmetrical trend-lines that have formed first Support (green) and later Resistance levels (red). The time that BNBUSD may turn into a long-term buy (always as long as the 1W MA200 supports (green trend-line), maybe approaching as the upcoming 320.00 Resistance (Nov 27 High) test will break the 1W MA50 again (something that didn't happen on the August 10 High). If the fractal continues to be repeated, then the next curve pattern will peak significantly above the 1W MA50, thus turning the Binance Coin into long-term bullish territory. Perhaps the best time to buy BNB is now, we believe it will be one of the best investments of 2023. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BINANCE:BNBUSDLong
by TradingShot
7