Photo by Quantitatives on Unsplash

Today we will talk about cryptocurrencies, their price action from a technical point of view, and wave structure from Elliott's wave perspective. We decided to cover the Binance coin (BNBUSD) and EOS (EOSUSD).

Well, as you can see Cryptos are in a bearish trend for the last couple of months, and seems like it's not over yet. Recent recovery and price action was slow + wave structure was in three waves only, which clearly indicates a corrective movement within a downtrend.

BNBUSD, Daily

If we take a look at the BNBUSD chart, we are tracking a bigger A-B-C corrective decline, where we are currently already trading in wave C. Wave C is a motive wave and from Elliott wave perspective, it has to be completed by a five-wave cycle. And, as you can see, the final wave (5) of C is still missing.
BNBUSD is actually turning exactly from the projected former wave 4 resistance after only a three-wave corrective recovery within a higher degree wave (4). So, still watch out for that final sell-off for wave (5) of C that can ideally find the support around 200 level.

EOSUSD, Daily

Looking at the EOSUSD chart, we are observing something similar to the Binance coin. We are also tracking a bigger three-wave A-B-C movement, where wave C could be finished within an ending diagonal pattern.
EOSUSD is actually still eyeing a strong 1.5 – 1.0 support zone within a projected wedge pattern for wave C and the final subwave (5) is still missing, so be aware of that final dip, maybe even a spike before the market finds the bottom and turns bullish.

Video Length: 00:08:51