In my last BNB analysis, I suggested that we could actually continue up within this large bullish channel against Bitcoin, and head towards the 50000 level. We're inching closer now, while weekly RSI is way overheated and the Ultimate Oscillator is entering the sell zone. Additionally, we appear to be hitting a resistance line within the channel. I thought we could make an attempt at 50000, but I think it's possible we simply correct now. This would mean we could drop to the bottom of the channel. Ideally I'd like to see BNB find support in the 23000-26000 previous major resistance area if this happens.
However, BNB has continued to defy my expectations and avoid a bigger correction, so if we push up towards 50000, there's a chance we could venture further to the top of the channel - actually around 0.01, or more conservatively, to the next trendline resistance (green). Even if this does happen, I see this as a sellers coin, starting now. In my opinion, it is no longer time to buy, but time to decide when to sell - since the upside may be 100% from here, but the correction if that happens will likely be very long, and have us dropping to an area perhaps lower than we are now.
This is just my opinion based on what I'm seeing. Not financial advice, and this is not a recommendation to buy or sell. I am not a professional. I may be completely wrong, and that's okay. I don't hold a position in BNB at this time, I'm just curious to see if this channel has any merit, and if my idea plays out.
-Victor Cobra
However, BNB has continued to defy my expectations and avoid a bigger correction, so if we push up towards 50000, there's a chance we could venture further to the top of the channel - actually around 0.01, or more conservatively, to the next trendline resistance (green). Even if this does happen, I see this as a sellers coin, starting now. In my opinion, it is no longer time to buy, but time to decide when to sell - since the upside may be 100% from here, but the correction if that happens will likely be very long, and have us dropping to an area perhaps lower than we are now.
This is just my opinion based on what I'm seeing. Not financial advice, and this is not a recommendation to buy or sell. I am not a professional. I may be completely wrong, and that's okay. I don't hold a position in BNB at this time, I'm just curious to see if this channel has any merit, and if my idea plays out.
-Victor Cobra
Comment:
Even though we have indeed dropped a bit so far, support was strong in the 39000 area. Time will tell if BNB is to drop further or continue up towards 50000.
Comment:
Got rejected pretty hard at 44000. It’s possible BNB begins its correction now. 39000 should hold if it’s going to continue higher.
Comment:
Looks like 39000 didn't hold and we're continuing to drift lower in Bitcoin value, while remaining stable/increasing in USD value. This is in line with what I'm expecting for BNB. Maybe for once I'll get a call right on this coin.
Comment:
Wow, it looks like those trendlines in my chart DO have some merit, since we bounced perfectly off the green line. If BNB breaks below that, there isn't much support until the next trendline. It's possible that was it for the correction, but we'll have to see if it can hold current levels. If it can't, a bigger correction will probably occur.
