citizen_x

BNB/BTC to long-term support trendline - reversal to watch

BINANCE:BNBBTC   Binance Coin / Bitcoin
Fundamentals: Binance made more profit in january-march than Detsche Bank. It's one of the largest exchanges, competitor to Coinbase and now it also has friendly legislation from the Maltan government. Announced fiat pairs comming later in 2018 (probably euro first). With more fiat pairs coming to Binance we could get easier inflow of capital. The overall business fundamentals for Binance look good. But, of course, price is under no obligation to reflect fundamentals. It's just a hint.

As for their coin, BNB, as with any alt it's main <real> usage is to multiply the amount of BTC owned. I think this coin is like Binance's savings account - part of their profits they put into it and paint the chart to multiply the fiat value of their holdings. So BNB has been pumping nicely and steadily like a persistent chu-chu train on an uphill ride despite the overall bear sentiment in the market. I see a pattern - when BTC/USDT corrects, the BNB/BTC pair is pumped, thus keeping BNB/USDT price steady. When BTC/USDT is pumping, the BNB/USDT just floats along, follows the daddy and general market sentiment. Thus, overall it keeps its uptrend.

So far BNB/BTC was following nicely elliot-waves 5 cycles (both up and down moves). Honestly it just looks to regular and too easy... It also shows some periodicity for the duration of the pump and corrective periods. The green support line is very important - in case it's broken, all bullish sentiment is gone and we're in for a serious ride down. Although this line was tested a few times already and it proved solid support. One bothering thing is the decreasing volume , although that's a general market feature.

Predicting the possible top is more tricky, but fib 1.618 serves as a good candidate.

Putting this in comparison to the rest of the market, one of the strongest coins in 2018. It's crazy but this coin doesn't give a d*** that the whole rest of the market is correcting - it just stays in it's upward trendline ( BNB/USDT especially).

So imagine if the market sentiment was much better, a real bull market like late 2017... this would moon. Probably now is a good time to accumulate and start scaling in at pullbacks. Thinking long term, in the next 12 months the stash of BNB could provide a nice profit.

Also, Huobi Token is doing quite well.. and meanwhile, Huobi opens office in London City, a bold move from the well-developing Chinese company that wants to lure big institutional investors. So these two exchange tokens are coins to watch.