Binance Coin Can Be Finishing A Larger Bullish Triangle
Binance coin is trading sideways for more than 100 weeks, similar as back in 2018-2020.
We see it as a long corrective consolidation within uptrend, ideally as a larger bullish triangle pattern in wave (4) that can take the price higher for wave (5) in the near future.
Despite recent negative news that U.S. regulators sued Binance and its CEO Changpeng Zhao for breaking the US securities rules, we can actually see it now trading in final subwave E of (4) that can find the support around the lower triangle line and base channel resistance line. Binance is actually already bouncing back with comments »We will defend ourselves against the SEC suit vigorously. The SEC lawsuit is baseless. We remain open to a productive compromise." So, don't get bear trapped and be aware of a bullish resumption into 5th wave in the second part of 2023.
We see it as a long corrective consolidation within uptrend, ideally as a larger bullish triangle pattern in wave (4) that can take the price higher for wave (5) in the near future.
Despite recent negative news that U.S. regulators sued Binance and its CEO Changpeng Zhao for breaking the US securities rules, we can actually see it now trading in final subwave E of (4) that can find the support around the lower triangle line and base channel resistance line. Binance is actually already bouncing back with comments »We will defend ourselves against the SEC suit vigorously. The SEC lawsuit is baseless. We remain open to a productive compromise." So, don't get bear trapped and be aware of a bullish resumption into 5th wave in the second part of 2023.
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