EW Analysis: BNBBTC Remains Bearish: Wedge Pattern Formation?
Hello traders!
Today we will talk about BNBBTC and its price action from Elliott Wave perspective.
BNBBTC is clearly bearish, but it's obvious that is slowing down. However, we still see room for more weakness, especially because of the recent three-wave intraday corrective recovey only. So, it's ideally unfolding a bigger ending diagonal (wedge pattern) into wave C that can send the price even down to important November 2018 and 0.0012 support level.
The main reason why we think so is because BNB(Binance) is currently not so strong and we also believe that BTC dominance will come back soon, so all these evidences suggest that BNBBTC may stay under bearish pressure. Count would be invalidated only in case of a rise back above 0.0023 level.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about BNBBTC and its price action from Elliott Wave perspective.
BNBBTC is clearly bearish, but it's obvious that is slowing down. However, we still see room for more weakness, especially because of the recent three-wave intraday corrective recovey only. So, it's ideally unfolding a bigger ending diagonal (wedge pattern) into wave C that can send the price even down to important November 2018 and 0.0012 support level.
The main reason why we think so is because BNB(Binance) is currently not so strong and we also believe that BTC dominance will come back soon, so all these evidences suggest that BNBBTC may stay under bearish pressure. Count would be invalidated only in case of a rise back above 0.0023 level.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
