BNB holding strong, but other Shoe to Fall? Binance Hack Fud
Updated
By now every Crypto Fan has heard about the Binance hack.
BNB held up surprisingly well with a dip only to previous support.
But will the "Other Shoe Fall" soon? Is it worse than currently known?
I was suprised and dissappointed when CZ mentioned a rollback on BTC blockchain.
I thought he was far more kowledgeable about the fundamentals behind Bitcoin.
While I personally have confidence in Binance and CZ, this was not a good showing.
CZ has stated that all user funds will be returned/compensated.
CZ also shut down all withdrawals for now, perhaps for a week.
This FUD is so far pretty minor compared to Finex and past hacks.
But what if the breach was larger than currently publicized?
Perhaps CZ's team does not know the full extent of loss yet?
Or, what if they know more but are keeping quiet? (doubtfull).
Overall, I am cautiously optimistic for a good resolution.
But as the lock-down progresses, frustrations might build.
So in the meantime, I have some zones to watch closely.
Since inception, BNB/BTC has been following a single Fib series.
Even before the hack, there signs of retrace also along the Fib.
Panic sell-off has only confirmed an existing Fib Zone thus far.
If that was the entire pullback, WOW, this thing is Ultra-Strong.
At the least I would expect a retest or long hugging of support.
If it breaks below current support, it will probably fall TWO zones.
BNB held up surprisingly well with a dip only to previous support.
But will the "Other Shoe Fall" soon? Is it worse than currently known?
I was suprised and dissappointed when CZ mentioned a rollback on BTC blockchain.
I thought he was far more kowledgeable about the fundamentals behind Bitcoin.
While I personally have confidence in Binance and CZ, this was not a good showing.
CZ has stated that all user funds will be returned/compensated.
CZ also shut down all withdrawals for now, perhaps for a week.
This FUD is so far pretty minor compared to Finex and past hacks.
But what if the breach was larger than currently publicized?
Perhaps CZ's team does not know the full extent of loss yet?
Or, what if they know more but are keeping quiet? (doubtfull).
Overall, I am cautiously optimistic for a good resolution.
But as the lock-down progresses, frustrations might build.
So in the meantime, I have some zones to watch closely.
Since inception, BNB/BTC has been following a single Fib series.
Even before the hack, there signs of retrace also along the Fib.
Panic sell-off has only confirmed an existing Fib Zone thus far.
If that was the entire pullback, WOW, this thing is Ultra-Strong.
At the least I would expect a retest or long hugging of support.
If it breaks below current support, it will probably fall TWO zones.
Note
Since the posting time of this Idea, we have had a perfect retest of the top boundary Zooming in and looking at the last drop which started well BEFORE the hack fud
.
Note
So the "moderate support" did a moderate amount of supporting, slowing it down anyway. Am still expecting the "strong support" zone to be tested .
Note
Wow, the "moderate" support might have done the job. This looks to be a bottoming pattern. Break and hold of the 4.618 just above would another sign of bottom in place .
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