After BNB buyers proved their weakness and could not keep the red trend line, sellers gave them on one more chance. Buyers tried to reverse the trend line on 12 July but faced a liquid price zone of $31.7-33, in which was consolidation from breakthrough to a sharp continuation of the fall. What we followed with popcorn and wide-open eyes later was when the price for 3 days fell by 23%.
However, it was not a surprise, because we predicted such a scenario in our previous analysis and sellers stopped just in the price zone of $24-25. What is interesting in this price zone? In the price of $25 is the previous historical high, from which the price fell to $4:
We also see that during the wild growth of BNB coin, buyers failed to break through this price mark for the first time. It confirms its importance and shows the seriousness of the mood. Therefore, if buyers keep this price zone, it will be a good start for new growth.
Pay attention to volume which was recorded after the price range test of $24-25:
It is one of the largest volumes on both the 4-hour and day timeframes. If you compare the correction after Bitcoin falling, there, buyers don’t feel so confident:
However, Bitcoin analysis will be the next, and this fact only shows that BNB buyers are ready to continue growth, just waiting for the corresponding signal.
Although, a weekly candle has not been closed yet but at this moment it looks in favor of buyers:
If buyers are able to keep their positions and the weekly candle closes nearly as it looks now, then we can talk about the likely point of the price turn.
In a wave analysis, the price stopped before the level of Fibonacci 78,6%. And buyers are trying to break through the level of 50%:
If we analyze the fall wave, then there are two distinctly different impulsed waves. The wave (B) correlates these waves:
In this case, the wave (C) = (A).
At the moment, there are two critical points for sellers: $30 and $33. From these price points, the fall can continue to $23.5 and $17.7.
If we consider that the global wave of growth has come to an end and correction has begun, then at a price of $17.7 sellers will correct growth by 61.8%:
However, it’s too early to bury the ambitions of buyers. Let’s see what they can do near the price marks $30 and $33. See you next week in BNB analysis!
Image Courtesy: Bitcoin News