BNBBTC Binance Breakout Altcoin Buying Trade & Investment
BNBBTC (Binance Token) is breaking out and likely to go on a multi-months run, a great opportunity to multiply our BTC holdings.
Today I'd like to analyze the trading pair BNBBTC and make the case that Binance Token is at the beginning of a major bull run. BNB is the token native to the Binance exchange, and is used for trading fees and participating in IEOs (initial exchange offerings) for projects on the Binance Launchpad. In the current bull run, many altcoins have had huge runups, increasing by 5x, 10x, 50x, 100x or more relative to Bitcoin. BNB is among a handful of well established tokens that haven't had a visible run against Bitcoin.
Fundamentally, there are a number of developments that are in favor of BNB starting a bull run and catching up with the rest of the altcoins:
1. Google trends are showing a spike in the search term "buy altcoins", suggesting a renewed retail interest in altcoin speculation, with a new wave of newcomers into this space. While DEX (decentralized exchanges) have seen huge progress in the past couple of years, centralized exchanges, especially Binance, is still a go-to exchange for most, especially amongst those newer to the crypto market
2. Binance is making moves to cash in on the successes of Defi (Decentralized Finance). Binance will launch a DEFI/USDT composite index perpetual contract at 2020/08/28 7:00AM (UTC). This index consists of a basket of Defi protocol tokens listed on Binance, and traders can leverage up to 50X. This is sure to bring increased interest and trading volume to Binance, hence increasing the demand for BNB to use for paying trading fees to save on trading fee costs.
3. Upcoming Binance Chain Mainnet upgrade that will support new business logic such as BNB staking, cross-chain transfer, and on-chain governance. This upgrade should have a positive impact on BNB, both from a news/hype perspective, but also more importantly, from a long-term fundamental standpoint.
Technically speaking, there are a number of indicators showing that BNB is ready to start a run:
1. Price has broken out of a downward resistance trendline and retested the backside of this trendline on two occasions, and on both occasions, price has bounced off of the trendline, suggesting the resistance has now turned to strong support.
2. Price has closed strongly above the 200MAs just as the 200MAs has flattened, suggesting an end to the downward trend and a shift in momentum from the bears to the bulls
3. Yesterday's candle was a very bullish full body green candle, accompanied by above average volume, suggesting conviction behind the bullish move and likely continuation
4. The 3 targets on the chart are short-to-medium term targets. I believe the pair will run much higher than the 3 take profit targets laid out on the chart.
Let me know in the comments below of your thoughts on BNB. Hope this analysis has been helpful in summarizing the opportunity in BNB, from both a fundamental and technical perspective.
This is not financial advice, please do your own Due Diligence. I'm just sharing my personal trades.
I will be posting ideas on a daily basis (whenever there are trade setups that meet my criteria).
Please follow, like, and comment to get daily trade setups and live trade updates.
Today I'd like to analyze the trading pair BNBBTC and make the case that Binance Token is at the beginning of a major bull run. BNB is the token native to the Binance exchange, and is used for trading fees and participating in IEOs (initial exchange offerings) for projects on the Binance Launchpad. In the current bull run, many altcoins have had huge runups, increasing by 5x, 10x, 50x, 100x or more relative to Bitcoin. BNB is among a handful of well established tokens that haven't had a visible run against Bitcoin.
Fundamentally, there are a number of developments that are in favor of BNB starting a bull run and catching up with the rest of the altcoins:
1. Google trends are showing a spike in the search term "buy altcoins", suggesting a renewed retail interest in altcoin speculation, with a new wave of newcomers into this space. While DEX (decentralized exchanges) have seen huge progress in the past couple of years, centralized exchanges, especially Binance, is still a go-to exchange for most, especially amongst those newer to the crypto market
2. Binance is making moves to cash in on the successes of Defi (Decentralized Finance). Binance will launch a DEFI/USDT composite index perpetual contract at 2020/08/28 7:00AM (UTC). This index consists of a basket of Defi protocol tokens listed on Binance, and traders can leverage up to 50X. This is sure to bring increased interest and trading volume to Binance, hence increasing the demand for BNB to use for paying trading fees to save on trading fee costs.
3. Upcoming Binance Chain Mainnet upgrade that will support new business logic such as BNB staking, cross-chain transfer, and on-chain governance. This upgrade should have a positive impact on BNB, both from a news/hype perspective, but also more importantly, from a long-term fundamental standpoint.
Technically speaking, there are a number of indicators showing that BNB is ready to start a run:
1. Price has broken out of a downward resistance trendline and retested the backside of this trendline on two occasions, and on both occasions, price has bounced off of the trendline, suggesting the resistance has now turned to strong support.
2. Price has closed strongly above the 200MAs just as the 200MAs has flattened, suggesting an end to the downward trend and a shift in momentum from the bears to the bulls
3. Yesterday's candle was a very bullish full body green candle, accompanied by above average volume, suggesting conviction behind the bullish move and likely continuation
4. The 3 targets on the chart are short-to-medium term targets. I believe the pair will run much higher than the 3 take profit targets laid out on the chart.
Let me know in the comments below of your thoughts on BNB. Hope this analysis has been helpful in summarizing the opportunity in BNB, from both a fundamental and technical perspective.
This is not financial advice, please do your own Due Diligence. I'm just sharing my personal trades.
I will be posting ideas on a daily basis (whenever there are trade setups that meet my criteria).
Please follow, like, and comment to get daily trade setups and live trade updates.
Comment:
BNB continues rallying and hit 20%+ return since entry.
With Launchpool, we should see BNB continue to rally. recommend holding a portion as moon bag.
With Launchpool, we should see BNB continue to rally. recommend holding a portion as moon bag.
Comment:
Trade has hit all 3 TPs on the chart, for 30%+ returns. Hope you made some good profits on this trade.
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Follow me on tradingview on and twitter.
Please follow, like, and comment to get daily trade setups and live trade updates.