BNBUSD, Channel-Formation, Breakout Possible When This Happens!

26 Mar 2021

Hello Traders Investors And Community,

Welcome to this analysis about BNBUSD, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since BNBUSD showed up with initial bearish breakdowns after forming its top it did not yet has shown up with proper reversals indicating a potential continuation however there is the possibility given that this shows up with the formational structure I discovered and when BNBUSD manages to complete the right price-action in the schedule, therefore I discovered all the important levels and likely destinies we should consider within the established structure and the upcoming movements ahead next times.

Structural Developments:
As when looking at my chart we can watch there how BNBUSD has developed this main descending-channel-formation marked with the boundaries in blue, within this formation BNBUSD has the coherent wave-count with the waves A to C already established and now with the wave D about to form, this wave D will run directly into the strong resistance-cluster marked in red in my chart from where a pullback bearishly to the downside is likely to set-up which will then be the origin of the coherent wave E to the downside. This wave E will move on till there is support found in which BNBUSD has the ability to stabilize and back-up to move on testing upper resistance anew.

Upcoming Determinations:
Taking all these factors into consideration BNBUSD is in a situation where it has lied good grounds for a potential breakout above the channel and activation of bullish continuation. In this case, now it is highly necessary that BNBUSD does not fall below the back-up-cluster and below the lower boundary of the channel because this will invalidate potential bullishness and show up with further bearish pressure. It all depends on how BNBUSD manages a bounce from the back-up-cluster and how it continues from there before that we should keep patience and wait on these proper validations to finally move in the right direction and do not overspeculate the market, it will be an interesting development.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the market.