I believe BNB has been in a Wyckoff Accumulation phase since May 2022. A breakout from the accumulation range-high could initiate a bull phase. My 2024 target is its former ATH at around 700 USDT, but the 1:1 fib extension at 858 USDT is also reasonable (Note: I use the regular scale, not a log chart).
Accumulation Phase A:
SC: In June 2022, BNB reached its Selling climax at 183.72 USDT.
AR: Following the SC, BNB began the Automatic Rally phase, which reached a price of 336.5 USDT on August 8th, 2023.
ST: BNB Concluded Multiple Secondary Tests that established support at around the 250 USDT level.
Accumulation Phase B:
UT/Bull Trap: BNB made an HH on November 7th, following the FTX collapse, which served as a bull trap.
ST/SoW: following the HH, it broke below the 250-support level in Sign of Weakness. However, Price did not reach the range-low, much less below it.
UT: Following the ST, BNB had two Upthrust events. The first UT action reached the range-high, and the second broke above the previous high in another bull trap/stop hunt.
Accumulation Phase C:
Spring: BNB’s Price did not perform a spring action in the sense of an LL. However, it experienced a significant Sign of Weakness and dropped to as low as 202 USDT. I decided to categorize this SoW as the Spring.
Accumulation Stage D:
Phase D represents the transition between the Cause and Effect. It stands between the Accumulation range (Phases A to C) and the range breakout (Phase E).
In the following days and weeks, BNB will perform a range breakout above 336 USDT and begin the final transition from bear to bull market.
A break above the 0.5 Fib retracement at 355 USDT will indicate the range breakout has begun.
Accumulation Phase A:
SC: In June 2022, BNB reached its Selling climax at 183.72 USDT.
AR: Following the SC, BNB began the Automatic Rally phase, which reached a price of 336.5 USDT on August 8th, 2023.
ST: BNB Concluded Multiple Secondary Tests that established support at around the 250 USDT level.
Accumulation Phase B:
UT/Bull Trap: BNB made an HH on November 7th, following the FTX collapse, which served as a bull trap.
ST/SoW: following the HH, it broke below the 250-support level in Sign of Weakness. However, Price did not reach the range-low, much less below it.
UT: Following the ST, BNB had two Upthrust events. The first UT action reached the range-high, and the second broke above the previous high in another bull trap/stop hunt.
Accumulation Phase C:
Spring: BNB’s Price did not perform a spring action in the sense of an LL. However, it experienced a significant Sign of Weakness and dropped to as low as 202 USDT. I decided to categorize this SoW as the Spring.
Accumulation Stage D:
Phase D represents the transition between the Cause and Effect. It stands between the Accumulation range (Phases A to C) and the range breakout (Phase E).
In the following days and weeks, BNB will perform a range breakout above 336 USDT and begin the final transition from bear to bull market.
A break above the 0.5 Fib retracement at 355 USDT will indicate the range breakout has begun.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.