Peter Smith
⬤ Binance Coin is showing bullish signs after hitting a key daily support zone. The current setup favors a three-swing bounce toward $987, but only if BNB stays above $791.8. Price has stabilized after weeks of corrections and is now reacting in an area that historically leads to recovery moves.
⬤ The chart shows a complex correction pattern that played out through November. After the decline, BNB rebounded from Fibonacci zones near $826 and $742, marking its first upward move from support. With price sitting around $891.9, the Elliott Wave structure points to more upside potential if momentum builds. While the broader pattern still shows corrective elements, the support zone reaction provides a solid technical base for the expected three-swing advance.
⬤ The analysis emphasizes a bullish stance at current levels, with the invalidation point far above at $1,379.6. This puts immediate focus on the $791.8 support—the critical level that determines if the bullish outlook stays intact. Since price is holding above this threshold and showing positive action, the technical picture supports a move toward the $987 target zone.
⬤ Why this matters: Bounces from structured support zones often mark momentum shifts within correction cycles. A sustained three-swing rally would signal improving sentiment around BNB and confirm the importance of this support area. How price behaves around $791.8 will decide whether BNB enters a broader recovery or continues trading in an extended correction pattern.
Peter Smith
