BNB to rise throughout BTC retracement
When Bitcoin begins a retracement after a large pump (such as has begun today), BTC traders have three main options to prevent losses:
All of these are temporary, until BTC finishes it's move down, and then funds can then be moved back into BTC for the next huge rise - which is coming. But both the fiat and tether options (which are essentially the same thing) miss out on the opportunity to benefit from BNB's relationship with BTC.
Generally speaking, when Bitcoin is going down, BNBUSDT is going up (and vice versa). As the fees coin for the biggest exchange in the world by volume, BNB is the temporary safe haven of choice for many (but without the inherent disadvantage of a stablecoin such as USDT). The beautiful thing about this relationship is that with well-timed moves, you are either making profits from one or the other.
BNB has very strong support at $12 (even during the huge BTC pump of this week it did not drop below this level) and strong resistance at $17. Having started today at the base of that range ($12.15), and with the Stochastic RSI primed for a nice rise, there is plenty of scope for BNB to rise to between $14 and $17 as traders move funds temporarily out of BTC.
The next week should prove very profitable for BNB.
BNB also just happens to be an excellent long term investment - slow but steady, and relatively predictable based on Bitcoin's large moves.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
- withdraw to fiat
- move funds into Tether
- move funds into Binance Coin (BNB)
All of these are temporary, until BTC finishes it's move down, and then funds can then be moved back into BTC for the next huge rise - which is coming. But both the fiat and tether options (which are essentially the same thing) miss out on the opportunity to benefit from BNB's relationship with BTC.
Generally speaking, when Bitcoin is going down, BNBUSDT is going up (and vice versa). As the fees coin for the biggest exchange in the world by volume, BNB is the temporary safe haven of choice for many (but without the inherent disadvantage of a stablecoin such as USDT). The beautiful thing about this relationship is that with well-timed moves, you are either making profits from one or the other.
BNB has very strong support at $12 (even during the huge BTC pump of this week it did not drop below this level) and strong resistance at $17. Having started today at the base of that range ($12.15), and with the Stochastic RSI primed for a nice rise, there is plenty of scope for BNB to rise to between $14 and $17 as traders move funds temporarily out of BTC.
The next week should prove very profitable for BNB.
BNB also just happens to be an excellent long term investment - slow but steady, and relatively predictable based on Bitcoin's large moves.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
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