BNB Ready for Upside Action
Updated
Technical Indicators:
With 'alt coin season' potentially coming up, I think the fundamentals match up well here given that Binance is pretty much the hub of alt coin trades. This increase in volume could be the catalyst, alongside these indicators for a good run.
- Price approaching trend line shown. There has historically been a pretty strong reaction to the upside each time BNB has touched the trend line.
Full 9 candle count to the downside has completed on the TD Sequential. There is potential however for it to be a 9 of 13, if this is the case I think it could further support that the price is approaching the trendline before a price pump.
Candle 8 of 9 is a bullish reversal hammer.
Although Elliot Wave analysis is pretty speculative, the correction is almost a perfect ABC Elliot Wave Correction Fractal.
RSI Stoch oversold with a bullish cross.
With 'alt coin season' potentially coming up, I think the fundamentals match up well here given that Binance is pretty much the hub of alt coin trades. This increase in volume could be the catalyst, alongside these indicators for a good run.
Note
Breakout to the upside - still think were going to touch the trend line shown before testing new ATH's.Interesting to see that BNB is getting upside action despite the Bytecoin drama
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