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Binance Coin Can Bounce Here (Two Scenarios To Look At!)

Binance Coin (BNBBTC) tends to move inverse to Bitcoin (BTCUSD).

Right now we see that Bitcoin might have peaked and at the same time we see a hammer candlestick on Binance Coin (BNBBTC), a bounce can happen here.

Here are the two main scenarios I am looking at:

  • 1) Bitcoin drops and Binance Coin (BNB) moves up, following the green arrow. A close above EMA10 would support this view.

  • 2) Bitcoin goes sideways or moves up, Binance Coin continues going lower and test 0.148 Fib. level of the chart above.


My view: I believe we will go with the first scenario, based on the analysis described here:
Bitcoin (XBTUSD) Rising Wedge (Potential Fall) + Altcoins


Enjoyed this post? Feel free to hit like.

Thanks a lot for the support.

This is Alan Masters.

Namaste.
Note
Latest Binance Coin (BNBBTC) update:
Binance Coin Gets Ready For Action (Follow Up On Last Update)
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MasterAnanda
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