CryptoCow

Binance Coin (BNB) - Get ready for the next pump!

Long
BINANCE:BNBBTC   Binance Coin / Bitcoin
After very good news for BNB (will become a native coin with an own network - read Binance news section) we had a massive pump today with very high volume .

We retraced 50%, then went up and consolidated between 2 Fib-levels (in yellow).
By doing so, BNB painted a wonderful bullish pennant (blue lines).

A breakout to the upside from the pennant would probably bring us to 0.00145 Satoshi levels, if the full potential of the pattern is realised.
So we are looking at a huge profit potential here.

Don't wait for too long with entering, as the pump may happen really fast.
You could consider setting up a stop limit buy order just above the pennant , if you want to be on the safe side.
Consider a stop loss just under the pennant .

Good luck!
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Thanks!
Comment: Looks like we are consolidating a bit longer in this range, so I have extended the pennant:


I still think we will break to the upside, but with BTC taking a huge dump again, everything is possible.
Comment: BNB fell out of the pennant.
Comment: Given that BTC and many other coins are taking a massive dump, BNB is holding up remarkably well so far.

If we would be in a bull market, this thing would skyrocket for sure.

But the way things are now, BNB not tanking is pretty much the best result, I guess.
Comment: One more failed breakout attempt, rejeceted immediately.
Comment: I have made an updated chart:

Comments

@lithsa, Hello, and thank you. I think that is nonsense, to be honest. I really don't think that these coin burns have that much effect on the price. I get it, the supply gets limited, but the supply is still large enough after it. What's your opinion?
Reply
lithsa CryptoCow
@CryptoCow, I did not know about this -coin burns-, but you're right, the article is nonsense.
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Hello, greetings from Venezuela. I liked your analysis. What do you think about this?
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