Binance has been one of the favourite exchanges in crypto market and it has been growing over and over, reaching millions of users. Like Binance; Binance Coin has been increasing its value even in this bear market and BNB was one of the highest gainers in 2018 but as everything else this increase won't last forever. The chart is already showing multiple bearish divergences which can be seen in Volume , RSI , MACD , Momentum charts. Although it surged up to 0.00187 BTC , it is losing the volume , RSI and MACD peaked to lower high and momentum is already close to 0. Targets are blue lines and the orange box is the possible buy zone for the next rally.
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That was an insane increase of Bitcoin and all of the altcoins just plummeted because of that movement. BNB almost reached my 2. target with just one huge red candle. Now BNB found our 2. target as temporary support, it will test the first target 167K as resistance. So far this trade is going well, we just need to watch the price action.
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We reached the 2. target. RSI was oversold in 1H chart, that is why I thought we would test the 1. target before going further down but BNB didn't have the momentum for that. On the other side RSI is getting into the oversold area in 4H chart, we might still see some retracements before going for other targets.
Finally MACD crossed bearish in the daily chart the day I posted this trade, RSI is decreasing(around 55 at the moment), volume is still low, momentum is negative so it is going as planned although I didn't expect this quickly.
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Forgot to post the 4H chart.
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As I expected BNB tested 1. target as resistance and it got rejected instantly further down to 2. target. At the moment it is consolidating between those targets however I guess it will make another move below 160K Satoshi very soon.
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Target 3 has been reached and BNB is moving in a downward channel at the moment.
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Target 4 has been reached.
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This is the accumulation zone of previous bull run, red line and 140k satoshis is really important for BNB. Be careful and watch its moves.
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We saw a small retrace to the previous target yesterday and BNB got rejected by that again. Now MA50 and MA200 are about to make a death-cross in 4H chart, we will see further downward movement when it happens like it did when MA50 went below MA100.
Black line is MA50 Pink line is MA100 Purple line is MA200
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We reached 4 targets with this trade, BNB now seems to be ending the downward trend. Today is really important in my opinion, I will buy some BNB back if it is able to close around 160k satoshis.
Trade closed: target reached
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Definitely buying BNB back now, broke the down trend, Binance has always been looking promising as an exchange so BNB has a long way to go upward. This trade is closed, we have reached 4 targets and found support at the previous accumulation zone of BNB's bull run for another great upward movement.
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This trade is again active. It seemed to be breaking the downtrend but it wasn't successful and hit my stop loss. Now almost all of the altcoins are moving downward and so is BNB. Watch the neckline, supports,targets and take action according to that but I am out of BNB at the moment.
Please suggest at which price I should sell off all my BNB before its too late. :)
Crypto28
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@rony4icab, First of all make sure to do your own research and TA, watch for other analyses on this site as well but I wouldn't be holding BNB at the moment as I think it will retrace at this point. For these kind of trades there are 2 options to do. You can either sell and buy back at Fibonacci retracements or previous support/accumulation prices(which is also called trying to catch a falling knife but it works if you believe in the project and want to hold for longer term investment) or you can wait for it to complete the retracement and buy when it breaks out the downtrend. Now it might be a good time to sell or we can see one more bull run or bull trap before it goes down however I sold most of my BNB and I will be buying back when it hopefully goes back to the buy zone marked on the chart. Ideally you should be selling a portion of your BNB holdings and buy back later when it holds on to a support. Don't forget we don't have a crystal ball and this is not a trading advice, it is just for educational purposes and this is just my own opinion.
rony4icab
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@Crypto28, Thanks man.Thanks a lot for taking your time to explain in detail. I think I will hold it for long as I believe it will be increased huge in the long term. Rest GOD knows.