It's been a while since I took a look at BNB.
Some coins don't have a clear setup where I can say with full confidence: 'This will happen now'. However, BNB is an exception. There are a few things that triggered my attention:
- 38.2% fib retracement acts as a resistance
- Perfect zigzag correction
I don't want to spoil the 'altcoin' party but it doesn't look good. We even can expect a new cycle low if I'm correct. The target for a new cycle low is a move <$14.25! Which is still a conservative target because the fifth wave usually equals wave one in length. A move like that will take us <$13.
My first area of concern is the zone between $17.75-$18.5. I will re-evaluate if we get there.
Bullish alternative
As a trader, you have to take everything into account. So, here's some hope for the bulls:
- Reclaiming $21.23 would be a short term bull warning.
- A move >24.22 would invalidate the count.
But remember, my overall view is bearish.