Quickpost Beware FOMO into BNB

As I see it BNB is about the end of its run in terms of time. I am a fan of using fib channels to chart out large movements and to try and see when the majority of a move is done and in general around the 2 level of the Fib I would expect to see some topping behavior. On a weekly chart we could definitely see some wicking through the 2 level that could get many people looking for more continuation. I personally am going to close my BNB position and putting it into something that is undervalued.

Given how quickly the price action came up I would expect a relatively quick top. After we top a return to the 1 line over the next year or so would be a very natural. One thing I am going to be looking for is the pregnant VSTOP on the daily close on the daily time frame. When you start to see pregnant VSTOPS it is a sign that price action is moving very quickly and it is a sign that the trend will be reversing soon or will need a month or so of consolidation. I'll be out around $700ish

Comment:

As I mentioned in the comment section I closed my BNB position and rotated in to LTC. At this point I am disinterested in BNB as it has a lot of bearish divergence on the RSI at the Bollinger band resistance and my 2 level on the FIb Channel. I expect the momentum indicators to crater and a daily bollinger band bounce to set up a bull trap.