Buyers of the BNB coin still got their own way and broke the blue trend line for the third time. The price stopped before the price zone of $38-42.7. We wrote about this price zone in previous analyzes and it worked perfectly. At the moment, a good support for buyers is the middle line of the growth channel, in which the price moves from December 2018.
The critical point for buyers is a mark of $35.5. The past local high stopped at that price. Also, the blue trend line, which was so hardly broke through for buyers, now passes at a price of $35.5. Therefore, having kept this price, buyers will provide for themselves a daring continuation of the price growth and try to fix above $42.7.
The past weekly candle closed above the previous local highs. A weekly candle, which began to form on 10 June, closed uncertainly, making a mistake, but the next week’s candle was able to rehab. In our opinion, it means the attempt of sellers to the opposition, but the pressure of buyers is stronger:
If we consider another scenario of participants locally on a 4-hour timer, then now a falling channel has been formed, in which the price movement more resembles correction than the change of the main trend:
The angle of a price fall is much lower than the angle of growth. Also, please note that sellers can not update the new local low yet. Even if it succeeds, we see that it is happening with great effort.
According to the wave analysis, buyers form wave (5), which at a price of $38.5 in length equaled wave 3:
If buyers can fix themselves over this wave then the next forecasted stop is $43.8.
An interesting fact is that the last local high was fixed fairly low and if this trend continues, it will be a good signal of preparing the market for correction. We drew a black trend line, which buyers should break through during the next attack, if they wish to continue intensive growth:
Otherwise, a wedge will form, which is more likely to break down.
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News