Binance Coin price completes Elliot wave, falls below $20.8

The Binance Coin price line formed a declining slope on the 11th of August. The price line gradually fell towards the $20.8 mark while it had begun the trade a little below the $22.8 level.

1-Day Binance Coin price analysis

Binance Coin price chart by Trading View

At the start of the 11th of August, the cryptocurrency traded between the $22.6 and $22.8 level while it met a day’s high of $22.74 mark. Binance Coin gradually stepped down on the charts. By noon, the cryptocurrency’s price trajectory had reached the $22.0 mark, and by 21:00 GMT, the price line hit a day’s low of $20.70 US Dollars. At the time of writing, Binance Coin was observed trading at $20.97 US Dollars after the cryptocurrency closed the day’s trade at a little above the $21.20 level.

Binance Coin completes Elliot wave

The Trading View analyst Peyman Rmi drew an ascending parallel channel for the BNBUSD pair. The analyst suggested that the cryptocurrency is about to complete the Elliot wave, which means that it was expected to fall below the $20.8 mark.

Binance Coin price chart by Trading View

On the 11th of August, the BNB price line turned bearish and fell towards the $20.6 mark as suggested by the idea above. The Elliot wave theory is a method for technical analysis and it depicts a long-term price pattern with multiple corrective waves that tend to oppose the larger trend for the asset at hand.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.