BNB overall is having a great price action as proper waves either impulse or corrective can be observed. BNB performed really well even with the BTC drop as the momentum with which BNB recently dropped was not too bad. Previously price recovered with momentum and the same can be expected this time as well
Starting the technical analysis for BNB from the Weekly Time Frame, the price is around the previous low and can be considered in a Discount array that prefers buys only. The price of BNB along the way to the downside started losing momentum, and the last candle is probably going to close as a pin bar which is a reversal pattern at such zones. Now as the price has made a Low, the next move is Bullish Impulse is a formation of Higher High so this gives a bullish bias on Weekly Time Frame.
Moving down to the Daily Time Frame, as there’s not too much on the Weekly Time Frame, so on Daily, it can be seen that the last low was at $336.5 which recently got stop hunted. Previously after the last low, the price consolidated much which shows that previous bearish momentum is losing its strength. Within that consolidation, the price has formed a double top pattern which shows that there is a lot of liquidity above that pattern which may sooner drive the price upwards. Now in here, the previous day’s candle got severe rejections from the bottom which just took out the liquidity from the previous low and now the price has the necessary fuel needed to push to the upside. So this gives a bullish bias on the Daily Time frame as well for BNB
Moving down to the last time frame which is the 4 Hour Time Frame, the price of BNB still hasn’t broken structure to the upside. Here there are two scenarios that may unfold for the buy bias. The first one is to wait for structural high to get broken, and on a pullback, the position can be taken. The second is a bit aggressive entry as there is a demand zone above, which may push price downside, and as there is an imbalance below, the price may push from there. Talking about invalidation, if the structural low gets broken, this whole scenario will get violated, and talking about that targets, the first target can be around $417.7 as that is an inefficiency zone
