BNB/USDT - leading diagonal off the top - trend reversal ?
BNB has one of the ugliest long term charts (not saying bullish/bearish, just visually ugly) and I really tried to make some decent EW count on 4hr/daily TF but I just couldn´t :D
However on lower time frames, we had decent rejection off the top, this rejection is in the form of 5-wavish leading diagonal, which is always 1st wave in the cycle. On the other hand, this may not be leading diagonal, because the same wave structure also has ENDING diagonal, which is opposite of leading diagonal, aka last wave in the cycle (in this case, this ending diagonal would be part of ugly ABC flat correction).
We have very strong resistance at 44$, we should get there soon and then we will see.
However on lower time frames, we had decent rejection off the top, this rejection is in the form of 5-wavish leading diagonal, which is always 1st wave in the cycle. On the other hand, this may not be leading diagonal, because the same wave structure also has ENDING diagonal, which is opposite of leading diagonal, aka last wave in the cycle (in this case, this ending diagonal would be part of ugly ABC flat correction).
We have very strong resistance at 44$, we should get there soon and then we will see.