Current structure witnessed a brutal selloff of over 50% of BNB's top value in less than 24 hours. It seems safe to say wave 4 is in progress...although that could be construed as mere panic selling. nevertheless, technical damage has been done.
Wave 3 almost made it to the 2.618 fib extension but failed to reach it.
The chart above has fib extension levels from wave 3 to the likely wave 5 scenarios.
I am leaning towards an extended wave 5 due to the likelihood that Binance is the largest and most popular exchange in 3 months time. If they are on track for $1 billion in profits...let's just say that we could easily see double digit fib extension levels once the masses are all trying to by $500 worth to lessen their trading fees.
I am also leaning towards the possibility that wave 4 is short.
BNB is a must buy if BTC crashes to 8k and 5k, the dump will likely be enough to reset enough of the indicators on BNB that we may be ready for wave 5 much faster than anyone anticipated.
IN WAVE 1/2:
We hit the .786 retracement
In Wave 3/4
arrows provide probably targets for .5, .618, and .786 retracements
Wave 3 almost made it to the 2.618 fib extension but failed to reach it.
The chart above has fib extension levels from wave 3 to the likely wave 5 scenarios.
I am leaning towards an extended wave 5 due to the likelihood that Binance is the largest and most popular exchange in 3 months time. If they are on track for $1 billion in profits...let's just say that we could easily see double digit fib extension levels once the masses are all trying to by $500 worth to lessen their trading fees.
I am also leaning towards the possibility that wave 4 is short.
BNB is a must buy if BTC crashes to 8k and 5k, the dump will likely be enough to reset enough of the indicators on BNB that we may be ready for wave 5 much faster than anyone anticipated.
IN WAVE 1/2:
We hit the .786 retracement
In Wave 3/4
arrows provide probably targets for .5, .618, and .786 retracements