BNBBTC: 50% correction? Or a 3rd deeper touch to trigger H&S?

BINANCE:BNBBTC   Binance Coin / Bitcoin
No position - neutral.

Bullish: Binance coin has been a huge success story, and new utilities are in the pipeline. Binance employees mostly take salary in BNB they say (what incentives unclear), philanthropic projects to be funded with BNB. However the main utility for now remains a fee currency on the exchange (with good incentives to use), and the exchanges success seems critical to value store.

Bearish: Each alt cycle or two a new king exchange emerges. Polo / Trex / Binance pack leaders so far. Coinbase hinting at shitcoin bonanza, polo has new big money owners. Also, Binance came about in the ICO boom and has used pay to play as a quite dominant listing criteria. This means their offering is more ICO /token/ POS heavy (projects which raised big money to pay for listings) and binance lacks earlier long-surviving & often respected POW coins. They may want to look at that.

TA - maybe we had the 50% correction and its upwards - but 2 hits - shakey FA and that H&S . If we hit 14k again I think it gets ugly. I wont be in until 11k and may wait for 7k. OK to miss this one.