BNBTC - Bull Scenario
While I do believe you should always have a bear and bull scenario. The bear scenario for this if it will break support which is inline with the Fibonacci ratio.
Using Elliott Wave Theory after an impulsive 5 count (1-2-3-4-5) movement. Likelihood of the price action correcting is high thus followed by an ABC classic ZigZag pattern which is a 535 pattern. Inline with the Trend based Fibonacci plotted from Wave 0->A->B shows Wave C is at 1.618 golden ratio which is showing as a strong support which the correction phase might be over already with an impulsive 5 count (1-2-3-4-5) diagonal movement.
Using Elliott Wave Theory after an impulsive 5 count (1-2-3-4-5) movement. Likelihood of the price action correcting is high thus followed by an ABC classic ZigZag pattern which is a 535 pattern. Inline with the Trend based Fibonacci plotted from Wave 0->A->B shows Wave C is at 1.618 golden ratio which is showing as a strong support which the correction phase might be over already with an impulsive 5 count (1-2-3-4-5) diagonal movement.
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