BNB path in case of BTC dropping from 6800 until 5800
I'm not a professional trader. This is not trading advice. This is just my idea.
Fundamental analysis: BNB is the coin of the best among all exchanges: Binance. It can be used to reduce your trading fees when trading on Binance. It will be the native gas for the decentralized exchange that Binance is intending to create (an exchange that doesn't hold your funds when you're trading). Binance is the most used exchange on cryptocurrency market and it is making the cryptocurrency space stronger than ever. I strongly believe BNB will have its place on this market.
Technical analysis: you can see the main uptrend red line that BNB is getting closer. We will likely see BNB touching this line if bitcoin starts dropping even more on this crazy bear market. So, I am trying to predict BNB's path on this hypothetical scenario. On the past 10 months, BNB was being traded on the 13984~19676 range at least 8 months. So we will pay strong attention to these levels! If BNB gets further than 19676, I will enter a long position.
If BNB breaks downwards of the 13984 range, I will enter a short position (what is likely to happen if BTC doesn't brake the current bear trend).
In the case we break 13984 downwards, I will enter a short position until the first fibonacci level at 0.382 (12013), that I would expect a retracement and retest of the 13984 level. Then this inverse head and shoulders should make BNB touch the main uptrend line and restart your upwards movement again.
Wait for the best scenario to appear, then act accordingly.
Good luck.
Fundamental analysis: BNB is the coin of the best among all exchanges: Binance. It can be used to reduce your trading fees when trading on Binance. It will be the native gas for the decentralized exchange that Binance is intending to create (an exchange that doesn't hold your funds when you're trading). Binance is the most used exchange on cryptocurrency market and it is making the cryptocurrency space stronger than ever. I strongly believe BNB will have its place on this market.
Technical analysis: you can see the main uptrend red line that BNB is getting closer. We will likely see BNB touching this line if bitcoin starts dropping even more on this crazy bear market. So, I am trying to predict BNB's path on this hypothetical scenario. On the past 10 months, BNB was being traded on the 13984~19676 range at least 8 months. So we will pay strong attention to these levels! If BNB gets further than 19676, I will enter a long position.
If BNB breaks downwards of the 13984 range, I will enter a short position (what is likely to happen if BTC doesn't brake the current bear trend).
In the case we break 13984 downwards, I will enter a short position until the first fibonacci level at 0.382 (12013), that I would expect a retracement and retest of the 13984 level. Then this inverse head and shoulders should make BNB touch the main uptrend line and restart your upwards movement again.
Wait for the best scenario to appear, then act accordingly.
Good luck.