BNB seems to be following an Elliot wave correction with an extended C wave. I called BNB around 16K Sats and rode it up to roughly 25.5K sats. Great run for profit. However, we do see a EW correction down to the cloud on the daily chart. I would normally end the C wave earlier, but the 3 black crows make me think we will see a deeper retracement. I would normally consider a deeper correction, but BNB has very strong fundamentals.
BNB sees alot of buying volume during market volatility due to it's function on the Binance exchange. If there is buying OR selling, BNB is being bought and used due to it's ability to discount trading fees on one of the top volume exchanges. As well, there is a coin burn that was estimated t take place in June. Unless I missed something this coin burn is overdue. Coin burns decrease supply and cause a rise in price.
As well, Binance has announced that they are building a decentralized exchange. This is a massive step. Binance has a great reputation. The recent Binance "hack" was no hack of Binance at all. This was done via 3rd party API trading bots which people allowed past their security walls and is not the fault of Binance. The reason it occurred on Binance exchange is because Binance's large volume makes that exchange a target as well as the fact that SYS is traded primarily on Binance.
I see a nice scalp opportunity for BNB. I think it may still be a bit overextended, so I will be determining shorter term targets and sticking with them once I am bought into BNB.
BNB sees alot of buying volume during market volatility due to it's function on the Binance exchange. If there is buying OR selling, BNB is being bought and used due to it's ability to discount trading fees on one of the top volume exchanges. As well, there is a coin burn that was estimated t take place in June. Unless I missed something this coin burn is overdue. Coin burns decrease supply and cause a rise in price.
As well, Binance has announced that they are building a decentralized exchange. This is a massive step. Binance has a great reputation. The recent Binance "hack" was no hack of Binance at all. This was done via 3rd party API trading bots which people allowed past their security walls and is not the fault of Binance. The reason it occurred on Binance exchange is because Binance's large volume makes that exchange a target as well as the fact that SYS is traded primarily on Binance.
I see a nice scalp opportunity for BNB. I think it may still be a bit overextended, so I will be determining shorter term targets and sticking with them once I am bought into BNB.