Smart Money Watch: BNB/USDTHello everyone,
As I get use to setting up trading view, just be patient and any constructive advice is welcomed. As some exciting developments happened for BNB/USDT. We will look how to prepare next. If you want to look at my previous article on the chart, check out the profile.
What did I do:
• Drew horizontal rays for resistances/supports
• Drew Fibonacci Retracement line from December 7, 2018 (low) and on.
• Drew vertical lines to establish long term trends
• Date Range the vertical lines
• Price ranged the trends in between the vertical lines
Setting:
December 7th, 2018 - June 22nd, 2019
- Price increase: $35.68 (859%)
- Uptrend: 197 days
June 22nd, 2019 - December 17th, 2019
- Price decrease: $27.72 (-69%)
- Downtrend: 178 days
December 17th, 2019 - February 14th, 2020
- Price Increase: $15.16 (124%)
- Uptrend: 58 days
February 13th, 2020 - March 13th, 2020
- Price Decrease: $20.94 (-77%)
- Downtrend: 28 days
March 13th, 2020 - July 26th, 2020 (Continuing)
- Price increase so far: $14.20 (229%)
- Uptrend so far: 134 days
Idea:
I thought this would be helpful to layout the long-term trend to give people a better idea of the journey. As history is the best thing to learn from. Seeing the trends would indicate maybe the momentum of the market and seeing who is driving. I have looked at the relationship with BNB over the years and it has played a role in seeing the relationships.
Grain of Salt Thought: Two things I have seen over the years is that BNB/USD mimics ETH/USD movement and during kangaroo season it tends to still have high value after a run in either direction.
Bullish Idea: Since BTC is in a rumble. It seems that BNB has come alive.). The nearest resistance will be at the round numbers of $20 and $21. Following by breaking Fibonacci retracement barriers. Our next big test will be at $27.43 from history.
Bearish Idea: We lose steam or have a hard rejection and fall to test $17.69 first and then see how our support is able to bounce back.
Conclusion: BNB has been on an overall downtrend since June 22nd, 2019. It would need to reach the $27.43 resistance line and make a jump to challenge the bearish trend and turn it into support. Propping BNB to target it ATH of $39.83. Then would signal a long term bullish opportunity. As always enjoy your family, friends, and hobbies. Reminder: Saw a guy bite it because he didn’t have Stop Orders in place. Don’t let your ego in the way. Have a great Monday!
