BNB/USDT: bouncing off lower part of the range
Brian Leclere - 28 June 2022 - APP BNB MARKET_MINDS MEDIUM_TERM
—- Mid-term Analysis for the next coming 4 weeks to 3 months – Daily on Daily Chart (LOG)——-
Context
– The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets BNB suffered about negative global market situation.
– However the BNB challenged (= excess) the lower part of the range (blue arrow) before bouncing off, we are now expecting a bullish swing wave tentative
Market configuration
– Graphical Elements :
Graphical Resistance = 322 & 584
Graphical Support = 210/200
– Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market at 322 = Bearish
RSI indicator (below) is bouncing off key support = Bullish
– Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) has been already reached = 200
Fibonacci resistance of the wave in progress = 322
Fibonacci support of the wave (c) (B) (max extension) = 150
Fibonacci Bullish Target = 584
Fibonacci Bearish Target = 67 ( bearish exit from the range)
Conclusion
Preferred case => Regarding the mid-term element, BNB is offering the perfect entry area for DCA and short-term recovery as long as 150 remains a support area valid, a break above 322 will confirm a rise to 584
Alternative case => breaking below 150 – direct drop to 67
Source: Market Minds, by AKT.IO
