Yes, I Called The BNB Top (Binance Coin)
In my last BNB analysis, I finally got it right. I was correct in assuming that once above 40000, it was time to look for an exit point. It even continued towards 48000 before dropping. The reason it stalled there is because too many people were waiting to unload at 50000. Same thing happened with Bitcoin when it failed to break below 3.2K. Too many people waiting to buy at 3K or lower. This is why laddering buys/sells is important.
Anyway, BNB has headed lower towards the bottom of its uptrend channel, which is currently in the 26000 area. If we assume that the trend will hold, now is probably a good time to start looking to ladder in buys. HOWEVER, if BNB for some reason breaks below 26000, 23000 would be next. If THAT fails to hold, BNB has a long way to fall, as it would signify that the long term uptrend has been broken for the time being. So - to be clear, this is a neutral post, and also a follow up from my last BNB analysis.
A couple of possible setups:
BUY
26000-29000
SELL
37000-39000
46000-48000
75000 (or top of channel resistance)
or SELL Below 23000 to rebuy around 8200-9000.
Here is where I called the potential top:
This is not financial advice! Just my opinion, and this is for educational and speculative purposes only. What you do with your money is up to you.
-Victor Cobra
Anyway, BNB has headed lower towards the bottom of its uptrend channel, which is currently in the 26000 area. If we assume that the trend will hold, now is probably a good time to start looking to ladder in buys. HOWEVER, if BNB for some reason breaks below 26000, 23000 would be next. If THAT fails to hold, BNB has a long way to fall, as it would signify that the long term uptrend has been broken for the time being. So - to be clear, this is a neutral post, and also a follow up from my last BNB analysis.
A couple of possible setups:
BUY
26000-29000
SELL
37000-39000
46000-48000
75000 (or top of channel resistance)
or SELL Below 23000 to rebuy around 8200-9000.
Here is where I called the potential top:
This is not financial advice! Just my opinion, and this is for educational and speculative purposes only. What you do with your money is up to you.
-Victor Cobra
Comment:
Nice bounce so far! Perhaps we can get to my first target area.
Comment:
It should be noted that BNB has now broken its ATH in USD value. It is the first major cryptocurrency to do that (as far as I know). Congrats to the holders!
