A week has passed since the previous analysis of BNB was published, but neither buyers nor sellers have yet managed to move the price to the critical points, which we wrote about earlier. After the buyers failed to break through the upper trend channel lines (global and local) for the first time, the sellers tried to start their trend, but it ended at a price of $29:
Please note that after two candles with large pins and volumes the price turned to the opposite side. Thus, buyers continue their initiative at the upper trend lines, but their local growth wave, which began on 10 May, became weak. The confirmation of this is support in the form of a red trend line, which buyers could not kept on 26 May and at the moment, the former customer support has become antagonistic to them:
Therefore, if buyers can not fix above the trend lines and $35, we expect a fall as a first step to $28-29 (in the range of the previous consolidation, from which a new buyers attack has started and which is still ongoing):
In wave analysis, we see growth from December 2018 in the form of a 5-wave structure and now the last 5th wave of growth is formed, which at present amounts to 78.6% of the wave 3:
If you look at the 5th wave in detail, you can clearly distinguish between two attacks of buyers:
If we look on the chart, it becomes clear that the current growth, which has continued since 17 May, surpassed the previous wave of growth by 27.2%, but it is less aggressive and with the naked eye it is noticeable as the local highs begin to turn round.
The previous wave of growth was corrected by 50%. It is currently not clear whether the current price stop is the completion of the 5th wave of growth, or a temporary stop before the test of $38-42. In our opinion, it all depends on whether sellers can break through $30.7. In this case, the sellers will have a chance to correct the entire wave of growth from 10 May.
Otherwise, we will wait for the test of the price zone of $38-42. However, so far, sellers can not capture $33, so it’s too early to talk about change in the market. The main targets remain unchanged.
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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