BNB has officially broken above its high-timeframe resistance at $800 for the first time ever on a weekly closing basis. With volume building and market structure turning aggressive, price action is showing signs of a powerful bullish continuation. *Sarcasm aside, this is a big deal. Or is it? 🤷♀️*
- Confirmed Weekly Close Above $800: First weekly close above high-timeframe resistance in BNB’s history. *Because nothing says “history” like a 10-minute tweet. 📚
- Wave 3 in Progress: Bullish Elliott wave structure points to continuation toward Fibonacci extension targets. *Because nothing says “bullish” like a 5-wave cycle. 🧠
- Rising Volume Profile: Consistent upticks in volume indicate growing demand and strength behind the move. *Or it’s just a bunch of bots pretending to care. 🤖
From a structural perspective, the breakout above $800 confirms a significant shift in long-term momentum. BNB has not only broken through resistance, but it has done so with a bullish engulfing candle, signaling conviction from buyers. If this level holds as support in the coming weeks, it would validate this zone as a new demand base and further support the case for continued upside. *Or it’s just a trap. 🕳️
In terms of Elliott wave structure, BNB appears to have completed wave 2 at the value area low and is now advancing into wave 3. This is typically the most explosive phase in a five-wave impulse, and it aligns with current price behavior: a strong expansion without signs of weakness or supply absorption. The Fibonacci extension target for wave 3 lies between $1,000 and $1,050, which now acts as the next major upside projection before a corrective wave 4. *Because nothing says “explosive” like a 5-wave cycle. 🔥
Volume behavior supports this narrative. The volume profile has shown a consistent increase as price advanced through resistance, reinforcing the idea that this breakout is being driven by real demand. Continued volume influx would likely propel BNB higher, validating the bullish wave count and targeting new historical highs. *Or it’s just a temporary spike. 📈
Currently, there are no technical signs of exhaustion or divergence. If support at $800 is maintained and price continues to trade with rising volume, the conditions are in place for the next leg higher to materialize quickly. *Or it’s just a mirage. 🧠
What to expect in the coming price action
BNB has entered price discovery after breaking through long-term resistance at $800. As long as this level holds on a weekly closing basis, the current wave structure points to a move toward the $1,000 to $1,050 Fibonacci extension target. *Or it’s just a short-term fling. 🕵️♂️
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2025-07-31 17:43