-Bullish chart signal - High volume buy blasting back above very strong resistance -CZ, the CEO of Binance is a beast, and is some one you want for the long haul if you are betting on crypto -Binance expects 500M - 1B in revenue in 2018. Binance allocates 20% of its profits to buying back/burning BNB to increase value -Binance's most recent coinburn was 17M of BNB on Oct 17, 2018 -Binance is the world's largest spot-buying crypto exchange by number of users (10M+ users) -History of performing well comparatively in 2018 despite bear market
Bear Case:
-Possible SEC action for providing securities to US citizens -It's still a cryptocurrency and is tied to the market as a whole, which is trending down -The USD chart still looks like crap -Somewhat sketchy listing practices could lead to people using other exchanges. No real competitors at the moment -Releasing new coin Binance Chain for ICO tokens - Could some of BNB value transfer over to this coin?
General:
-If BNB is even remotely tied to Binance's profits and/or user base, I believe it is very undervalued at a current 800M market cap. If Binance makes 500m-1B in 2018 and therefore returns 100m-200m in the form of coinburn/buyback, this is a very large return for a growth company.
Next Steps:
-Looking for BNB to consolidate along support (above 15000 sats). If it does not fall back through, it could begin its moon mission.
Comment
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Fail.
It did not consolidate along support, so long positions should never have been entered.