(Trade this coin on Binance in my signature below)(And check out the cute bulls in the apparel shop)
BNB is Binance exchange's own token. I don't know much about it because I haven't read the whitepaper. Research takes a lot of time and it's been a bit of a premium lately.
But I do know when you hold these tokens on Binance you can choose to pay your fees with them. This reduces Binance's fee from 0.10% to 0.05%, which is a colossal savings against Bittrex and Polo's 0.25% and Mount Finex's 0.20%.
Pretty much you can trade on Binance and the coin you're buying to pay fees with is appreciating at the same time. It's dope.
This coin has gone up in a straight line over the last 15 days or so. The run is a classic triangle breakout on large time frames and has quickly approached its prior ATH.
If it can exceed its prior high at 72.5k~ SATS it will surely break upwards on a run towards the 1.618 Fib, in my opinion, at ~114k sats.
With a stop below the 0.786 this trade gives us a risk reward of 5.55 which is excellent.
However, looking at OBV, RSI, and Willy21 we do see patterns that show there's above average potential for this coin to throwback towards the red Kumo/Kijun around the 0.618 FIB at 45k sats.
This would also form a potential long-term double top pattern, so there is risk in entering long trades here.
For that reason, this trade has a tight stop. I'd recommend trading this trade with 10-15% of your normal sizing and upgrading to a full size on a break of 70k sats.
If market retraces you can hold your small sizing because you're paying fees with it and dollar-cost average on bounce patterns at major supports.
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@RiversAndMountains I'm sure you've seen this but I think a lot of people are getting thrown off by the BNBBTC chart, I certainly was, but check out the BNBUSDT chart, it looks way better, the move up looks far more gradual and the pullback bounced almost perfectly off of the previous ATH support.
RiversAndMountains
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@Krisworldwide, Indeed, but every pair is like that because the BTC pairs will move in relation to their own value and BTC's fluctuation.
It's hard haha.
Orion_da
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@RiversAndMountains, totally but I think this one is a bit different, it's an altcoin and an 800mm market cap so no one even thinks of it as being traded in USD/USDT. Since it's only traded on its own exchange it's often traded in USDT and often used to trade against other pairs (BNB pairs) the whole situation adds a different dynamic to technical analysis. glad to see you talking about sometihing other than Bitcoin Cash for a change! check out BRD , i mentioned it below.
Orion_da
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They recently tookover the #2 spot in terms of dollar volume traded and apparently had 1 million new accounts last week. Huge influx from Korea after regulation. At this rate they should be the #1 crypto broker within 30 days and they just launched in July. And the ICO launchpad was successful for 2 good quality ICO's, Bread and Gifty.. they are likely to do a lot more in the coming year...Bread had Charlie Lee on its advisory board and is a U.S.-targeted wallet with 500K downloads and on the Apple IOS app store so imagine that type of quality name doing their ICO through Binance, then their trading competitions and other promotions provide for more liquidity. It's almost like an investment bank with the capital-raise, listing, and market-making is done on one platform, sort of like what Overstock is doing with T-Zero. We haven't seen the real altcoin explosion yet..when it happens at some point in 2018 and the real speculation comes into this market, allowing individuals to start the real stockpicking, these guys will make a killing. In a way they are trying to make their token a Bitcoin, an appreciating asset which you can also use to trade other pairs, and even pay fees with... and with connections like Charlie Lee and Bread, an optimistic scenario is that at some point in 2018 Bread integrates Binance trading and they try to make a formidable move to compete with Coinbase. Coinbase's valuation should be at least $5 to $10 billion right now, with some 30 million accounts, it was $1.6 billion in September and volumes and accounts have increased some 10-fold. While Binance holds only 3 million accounts, those accounts are trading, $2.7 billion in volume last week alone, and the growth is far outpacing even Coinbase's skyrocketing growth right now.
The combined valuation of Binance and Bread is less than $1 billion (800mm, $100 respectively) so could be valued around the $5 billion market cap next year once the dust settles.
Sensei1111
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finally for the first time I entered in the correct place and had enough patience to HODL until the target, although I sold below your target as BTC is on a run, but still with a decent profit that somewhat compensated for the losses in every other position I am holding :) Great call!
Darthstrukt
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Thoughts so far? Is it getting ready for a breakout?
Orion_da
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@RiversAndMountains this base formation is taking forever on BNB... not sure why people aren't understanding this story... but I'm guessing you saw that they surpassed Bitthumb in volume on Sunday
so now they are the #1 crypto broker in the world... Someone is going to make that announcement this week i'm guessing and that should raise a few eyeballs
inxtrader
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Just a sidenote, if you pay fees with coin you're buying, you end up with for e.g 100.99900 IOTA, and the decimal part is not tradeable.