BINANCE-COIN, Solid Formation to Set Up Breakout!
Hello Community,
With the end of 2022 important developments are going on in the Cryptocurrency Market and as the past years have shown the end of the year and the first weeks of the next year were always determining periods of intense increased volatility, therefore the possibility is high that this repeats this year again and in this case, I analyzed the cryptocurrency market finding interesting setups within the market with Binance-Coin showing up with a great setup to move forward with.
As when looking at my chart we can watch there how Binance-Coin is building this main descending-triangle-formation which has a similar shape to this currently developing in Ethereum which I pointed out some days earlier. Now as Binance-Coin has already come quite far with the completion of the waves A, B, and C of the formation there only remain two more waves D, and E to finalize the coherent wave-count developing within the formation and in this case Binance-Coin also has the major support cluster within the lower boundary of the formation from where a bounce is likely once the wave count has been completed with the final wave E.
Taking all these factors into the consideration now Binance-Coin has formed a solid formational structure from where a final breakout has a high likelihood possibility to come up with and the likelihood possibility increases once the wave count within the formation reaches the final stages. When the breakout and increased volatility finally push above the upper boundary of the formation as seen in my chart this will be the setup from where Binance-Coin will continue with increased volatility and activate the target-zone seen in my chart, once this target-zone has been reached further considerations need to be made especially in terms of with what volatility and how these targets are reached.
In this manner, thank you everybody for watching, and enjoy the last days of 2022 with your friends and family to look forward to the beginning of a new year.
The information provided is only educational and should not be used to take action in the markets.
With the end of 2022 important developments are going on in the Cryptocurrency Market and as the past years have shown the end of the year and the first weeks of the next year were always determining periods of intense increased volatility, therefore the possibility is high that this repeats this year again and in this case, I analyzed the cryptocurrency market finding interesting setups within the market with Binance-Coin showing up with a great setup to move forward with.
As when looking at my chart we can watch there how Binance-Coin is building this main descending-triangle-formation which has a similar shape to this currently developing in Ethereum which I pointed out some days earlier. Now as Binance-Coin has already come quite far with the completion of the waves A, B, and C of the formation there only remain two more waves D, and E to finalize the coherent wave-count developing within the formation and in this case Binance-Coin also has the major support cluster within the lower boundary of the formation from where a bounce is likely once the wave count has been completed with the final wave E.
Taking all these factors into the consideration now Binance-Coin has formed a solid formational structure from where a final breakout has a high likelihood possibility to come up with and the likelihood possibility increases once the wave count within the formation reaches the final stages. When the breakout and increased volatility finally push above the upper boundary of the formation as seen in my chart this will be the setup from where Binance-Coin will continue with increased volatility and activate the target-zone seen in my chart, once this target-zone has been reached further considerations need to be made especially in terms of with what volatility and how these targets are reached.
In this manner, thank you everybody for watching, and enjoy the last days of 2022 with your friends and family to look forward to the beginning of a new year.
The information provided is only educational and should not be used to take action in the markets.
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