BNBUSD breaking out in 3rd wave
BNB now has a weekly close above the intraday high from June 2019 as seen on the chart on the left. We are entering an Elliott Wave 3rd wave and it happens to be at all time highs. On the chart on the right, BNB is in either a wave 4 relief rally or a wave 1 trend change. In either case, BNB should do well relative to BTC for the time being.
Note
If you hit the play button on BNBUSD, you can see it's starting to bounce off really nicely from support. What's amazing is that BNBUSD hasn't really had much of a correction along the way in this early phase of wave 3. Sure there's lots of volatile sideways action (Sep-Nov '20, and Jan 21), but nothing at all scary. So we should be in the clear for a strong 3rd wave here.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.