Binance - BNB, when you know that altcoin is ready to depart

BNB - lots of good news recently. Binance had a lot of problems recently with hackers, fud from Japan and system failure. But they went through with transparency and fast decision making process. Decentralized exchange integrated into their platform, coin burn, relocation to Malta with warm greetings from Malta PM, new coins and future own blockchain.
It reached the trend line, bounced few times and went through accumulation phase. Long way ahead, but cautious with BTC and whole market state.

Trade active

Perfectly played out scenario, BNB left the throwback buy area and approached first serious resistance around 13.7665$. I expect it to consolidate and move above this level as soon as the whole market stabilize a bit more. Next targets and major levels 14.8 and 17.5

Note

as expected BNB is doing re-accumulation phase. The pattern of the price movement is very similar to previous accumulation period. I would like to see how we close this day, for now it looks to me like a tweezer top, that means we should have a reversal. But it depends on the current market state, if the market stays green or sideways for a while we will likely see a little retracement to 12.5 level and bounce from this support, worst case scenario if BTC decides to go south we can see 11.4 level again where we hit our current micro uptrend. From there i expect a bounce after this re-accumulation with the coin burn in the end of the month. My previous targets are still in play. 14.8 and 17.5

TradingRange

Also on:

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.

TradingRange

Also on: