#BinanceTurns7 and I remember vividly the days BNBUSDT was trading under 10 bucks around the 2020 crash. For reference, $BNB went ICO in July 2017 for $0.15 or 2700BNB/ETH. As per the yellow fibs below, BNB went parabolic to the May 2021 top and got through a flat #Elliottwave correction till June 2022, where a new rally phase as per the orange fibs can be observed.
That context is important when evaluating #BNBEUR as trading against #EUR didn't start until 2020 so we miss some info for the yellow fibs. Nonetheless the long term posture of both pairs is rather bullish, since parabolic move typically does not end with a long flat top. This sideways consolidation of more than 3 years is more likely building a firm base for more upside.
Looking closer at the orange fibs, one can see the strong resistance around 580 euro where BNB had a failed breakout, slightly missed the 1.618 extension. The reversal was swift into the low 400 region where support was expected:
The action since the March 2024 top has been very messy, as demonstrated on the daily chart, but one can argue for yet another sideways consolidation after a parabolic rise.
The reaction off this July low at 421.2 has been constructive so far but I will not be surprised by a lower low. My bias remains bullish above 350 EUR, going under that will be a red flag and under 300 I will have to look for an exit.