It might be time to get off BNB
Binance has been one of the favourite exchanges in crypto market and it has been growing over and over, reaching millions of users. Like Binance; Binance Coin has been increasing its value even in this bear market and BNB was one of the highest gainers in 2018 but as everything else this increase won't last forever. The chart is already showing multiple bearish divergences which can be seen in Volume , RSI , MACD , Momentum charts. Although it surged up to 0.00187 BTC , it is losing the volume , RSI and MACD peaked to lower high and momentum is already close to 0. Targets are blue lines and the orange box is the possible buy zone for the next rally.
Trade active
That was an insane increase of Bitcoin and all of the altcoins just plummeted because of that movement. BNB almost reached my 2. target with just one huge red candle. Now BNB found our 2. target as temporary support, it will test the first target 167K as resistance. So far this trade is going well, we just need to watch the price action.Trade active
We reached the 2. target. RSI was oversold in 1H chart, that is why I thought we would test the 1. target before going further down but BNB didn't have the momentum for that. On the other side RSI is getting into the oversold area in 4H chart, we might still see some retracements before going for other targets. Finally MACD crossed bearish in the daily chart the day I posted this trade, RSI is decreasing(around 55 at the moment), volume is still low, momentum is negative so it is going as planned although I didn't expect this quickly.
Note
Forgot to post the 4H chart.Trade active
As I expected BNB tested 1. target as resistance and it got rejected instantly further down to 2. target. At the moment it is consolidating between those targets however I guess it will make another move below 160K Satoshi very soon.Trade active
Trade active
Target 3 has been reached and BNB is moving in a downward channel at the moment.Trade active
Target 4 has been reached.Note
This is the accumulation zone of previous bull run, red line and 140k satoshis is really important for BNB. Be careful and watch its moves.Trade active
We saw a small retrace to the previous target yesterday and BNB got rejected by that again. Now MA50 and MA200 are about to make a death-cross in 4H chart, we will see further downward movement when it happens like it did when MA50 went below MA100.Black line is MA50
Pink line is MA100
Purple line is MA200
Note
We reached 4 targets with this trade, BNB now seems to be ending the downward trend. Today is really important in my opinion, I will buy some BNB back if it is able to close around 160k satoshis.Trade closed: target reached
Definitely buying BNB back now, broke the down trend, Binance has always been looking promising as an exchange so BNB has a long way to go upward. This trade is closed, we have reached 4 targets and found support at the previous accumulation zone of BNB's bull run for another great upward movement.Trade active
This trade is again active. It seemed to be breaking the downtrend but it wasn't successful and hit my stop loss. Now almost all of the altcoins are moving downward and so is BNB. Watch the neckline, supports,targets and take action according to that but I am out of BNB at the moment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.