It's in this massive ascending channel. What I like best about it, is the chart looks nothing like BTC! Praise everything for non-correlation.
Basically if this $14 area hold we should get a push up to the $20 area before moving down again. If this happens MACD will cross and RSI will show strength.
Watch for further downside if this channel breaks down, whether it be now or after a run up first.
I won't be trading this one at the moment, but it looks good if you have some funds in binance to do it!
BNB is on a great run right now, I hopped on day before yesterday. Double bottomed, broke above the 200 SMA - loving it!
theredbaronZ
⋅
Update on BNB?
Sherem
⋅
@theredbaronZ, Broke the channel to the downside, not really a good sign. But... does it start channeling sideways from $12? Maybe go up more as people cash out their BTC positions and move to BNB? hard to say. RSI broke to the upside, but MACD had a really bad attempt at crossing -
theredbaronZ
⋅
@Sherem, Seems like BNB has a horizontal support around $12 since April. I think Binance don't want this coin to too much because they get their trading fees in BNB. Also, big volume days get them more BNB used. Plus if they are counter to BTC then they get to see BNB at the top of the gainers list when BTC is dropping along with ETH most of the alts. Just pondering things...
pablo36
⋅
Thanks for the idea. Is there a reason why you use BTCUSD and not BTCUSDT?