Is it better to buy Binance than Bitcoin (or Ethereum)!?!
We wrote about Binance going bullish vs USD nearly 2 weeks ago (check Related Ideas). Is it going bullish vs BTC also?
Binance is well known as being one of the largest if not the largest crypto exchange in the World.
Binance coin is one of the coins with clear utility use. You can even use it to pay your trading fees on Binance.
Probably now it makes sense to us why Binance Coin made astronomical growth after being introduced.
However, it had to go thru some bad times also. As the whole crypto market did.
On the other hand, it recovered with more than 600% growth at the start of this year (more in % than BTC) after we came out of the bear market (which I'm 90% we already did some time ago!).
At that time it was more profitable to hold Binance Coin than Bitcoin.
Is it the same today after both coins reached local hype peak!?
Let's check the pros and cons!
PROS:
- we just reached 0.5 Fibbonaci level (50% is bullish support and worked as a great resistance at two points before - check iv and 2)
- we have a similar pattern when we broke below the previous level but stopped at the peak that was made just before the top (check !)
- MA500 is usually really strong support and served as a great resistance from where we had a bounce
CONS:
- we had MA100 crossing down MA200 and it took us first to consolidation and then local dip
- we had the opposite of "golden cross" where MA50 crossed down MA200 and it wasn't nice
Seems like price wise it's not that bad to start buying BNB today for ROI.
However, for a trader, it might be smarter to wait for either higher low so you have confirmation that trend has changed or to play bounces from key levels and turn them into midterm holding if they prove to be just fine.
RIT is much better in that case! Either we will have wave 4 bottom and start of the run similar to wave 2 finishing or we would have consolidation, this is still strong coin to hodl. Crypto market is in a bull trend and Binance is the leading exchange - a solution that already works in practice. What else needs to be said!?
This is just an idea. It's not investment advice.
Binance is well known as being one of the largest if not the largest crypto exchange in the World.
Binance coin is one of the coins with clear utility use. You can even use it to pay your trading fees on Binance.
Probably now it makes sense to us why Binance Coin made astronomical growth after being introduced.
However, it had to go thru some bad times also. As the whole crypto market did.
On the other hand, it recovered with more than 600% growth at the start of this year (more in % than BTC) after we came out of the bear market (which I'm 90% we already did some time ago!).
At that time it was more profitable to hold Binance Coin than Bitcoin.
Is it the same today after both coins reached local hype peak!?
Let's check the pros and cons!
PROS:
- we just reached 0.5 Fibbonaci level (50% is bullish support and worked as a great resistance at two points before - check iv and 2)
- we have a similar pattern when we broke below the previous level but stopped at the peak that was made just before the top (check !)
- MA500 is usually really strong support and served as a great resistance from where we had a bounce
CONS:
- we had MA100 crossing down MA200 and it took us first to consolidation and then local dip
- we had the opposite of "golden cross" where MA50 crossed down MA200 and it wasn't nice
Seems like price wise it's not that bad to start buying BNB today for ROI.
However, for a trader, it might be smarter to wait for either higher low so you have confirmation that trend has changed or to play bounces from key levels and turn them into midterm holding if they prove to be just fine.
RIT is much better in that case! Either we will have wave 4 bottom and start of the run similar to wave 2 finishing or we would have consolidation, this is still strong coin to hodl. Crypto market is in a bull trend and Binance is the leading exchange - a solution that already works in practice. What else needs to be said!?
This is just an idea. It's not investment advice.
- Binance made around 570% (azure),
- Bitcoin made around 260% (orange)
- Ethereum made around 155% (blue)