Binance Coin

BNB Retracement Ahead?

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BNB wave 5 looks complete at the weekly R1 pivot. RSI continues to print weekly bearish divergence from the wave 3 high.

Wave IV was a difficult count but appears to be a triangle which is a final pattern before the terminal move. Wave 2 retracement target usually ends at the bottom of wave 4 so $90 in this case which also finds confluence with 0.382 Fibonacci retracement and a swing below the weekly pivot, a good long signal.

Analysis is invalidated if we continue into price discovery.

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