In this analysis I will be going through the BNB token by Binance.
I do a top down from the monthly charts to what you see here.
Tools I use:
Time based fib extensions
Fib retracements
Rectangle colour coded
With the emergence of Binance many have come to see as a safe place for their crypto but what country owns it?
As far as I'm aware it belongs to Malta an island in the Mediterranean Sea and CZ as its overlord would you trust CZ with your hard earned capital on a small island?
Now I have nothing against CZ by any means but questions should be asked.
With many countries blocking access to the platform I ask myself why?
I have come to the conclusion that the powers that be do not want another that has no loyalty to them but to itself only aka Binance or CZ.
With the price teetering on the edge it would appear the BNB token has a very fragile base and if it gives way it will fall.
My estimated target would be $30.00 yes that's right, $30.00!
With those who bought BNB back in May of '2021 they are now experiencing pain and sadness not knowing what is around the corner.
With the rejection of the $340.00 area I'm expecting the floor to give way and price to crash to my $30.00 target area.
With price under the 200 ssma and now the 50 ssma the price is doomed to fall unless it regains the 50 ssma.
Okay guys/gals be carful out there.
This is NOT financial advice just my personal opinion.
Be smart, Invest with caution.
Crypto Leonard.
Comment
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Are we seeing a liquidity grab before a continuation to the downside. As price battles with the short to medium term MA's. We now wait to see what the BNB market participants are going to do.
Will they hold the line or collapse under the FUD.
Invest with caution, question your trades and risk small.
"capital loss is more hard felt than capital gained" Crypto Leonard
@alzama4ever, 3 questions to ask ones self, why am I putting this position on, is my risk (capital at play) at a comfortable level & do I have conviction in this position and can I see it through. Keeping in mind it is also possible price could move higher before falling.
This is NOT finantual advice. It is advised that one dose there own research and comes to their own conclusion.
SwallowPremium
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It was interesting to read, keep up the good work.