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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.