Technical Analysis

Binance Coin Is Ready For A Bullish ContinuationFeb 15, 2024

Binance Coin Is Ready For A Bullish Continuation, as we see it finishing a larger bullish triangle pattern by Elliott wave theory.

Binance Coin with ticker BNBUSD is sideways for two years or so, but it’s still nicely connected within channel range on the weekly basis. It can be now actually ready for a bullish continuation within wave (5) back to all-time highs after a completed projected larger bullish triangle pattern in wave (4) that took the same amount of time like wave (2) back in 2018 – 2020.

Binance Coin Is Ready For A Bullish Continuation BNBUSD Weekly Chart
BNBUSD Weekly Chart

Elliott wave theory impulses are a type of motive wave, which move in the same direction as the main trend. They consist of five sub-waves, labelled 1, 2, 3, 4, and 5, that follow certain rules and guidelines. The most important rule is that wave 4 does not overlap with wave 1, meaning that the price range of wave 4 does not enter the price range of wave 1. The guidelines suggest that wave 3 is usually the longest and strongest of the five waves, and that wave 2 and wave 4 tend to alternate in complexity and depth.

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