Looking at the buyer ambitions, it can be seen that the latest growth attempt does not fit into the global growth, which enters already the 8th month. BNB buyers twice failed to fix above $34.3. The volumes have fallen significantly and it seems that sellers are feeling better in consolidation.
This is evidenced by false breakdowns on virtually every green candle. Now the price is at the lower trend line of the channel. We think that when Bitcoin will try to fall, other coins, including BNB, may start falling even more sharply.
The current local fall of the coin began on 8 July, just at the moment when Bitcoin started the active phase of growth.
The critical point for BNB buyers remains at $31.3-$32.5. If sellers fix themselves below this price zone, the next global price level is $28.7.
There were no interesting changes during the week from the previous analysis, because the price was in the consolidation range 4%, if we do not take into account the pins. Therefore, all the targets that we put forward in the previous analysis are still relevant. And so, after breaking the lower trend line, the first stop of the sellers should be at a price of $25.9-26. At this price, according to the wave analysis, sellers will adjust the global 8-month wave of growth by 38.2%:
Almost all other coins failed to update their historic low and we think that in these coins, the correction can be deep, as it is the first wave of growth after a long downtrend and usually the first waves are adjusted by almost 80%. However, in our case, the situation is ambiguous and we will observe how buyers of this coin will react to the fall of buyers of other coins.
An alternative scenario is an exit of price from consolidation up with the first target of $35.6. If buyers are able to fix themselves above the blue trend line, which sellers have already defended 2 times, then the movement in the growth channel will continue and after the breakthrough of the price zone of $38-42, the prospect of growth opens up to $50.
Fishing rods in the form of critical points are arranged and now it remains to wait for the right fish. Have a good week and great patience for our readers and investors!
Telegram Alerts from https://t.me/bconews
Image Courtesy: Bitcoin News
The post BitcoinNews.com BNB Market Analysis 10th July 2019 appeared first on BitcoinNews.com.