Probably we are coming to an end in bnb's market cycle. It looks so similiar with the previous one. It has already broken the down trend line and looking for a way out of the rising wedge before we take off to the moon. It has tested the top 5 times and we got 1 dip so far. I dont think it will break down the down trend line from 39$. Possible last dip before we take off might be the intersection point again which indicates 13.80$. There's no need to risk it and wait for the next dip. I already bought back my bnbs at 14$. If it sees the last dip, im planning of opening long on margin with a small portion of my portfolio. We are also 5 months away from bitcoin halving. I believe that 6.4k was the dip for it so i dont think it will be affecting alts in usd terms negatively anymore. In the other hand, binance has launched margin trading and futures trading in the previous months and this has already created a demand for bnb. The more money people borrow/open position in futures, the more fees they pay to binance. We are just 1-2 weeks away from 10th bnb coin burn. In the past 3 months volume was insane on binance (thanks to futures). We can be sure that binance made more profits than we can even imagine. Also lower price of bnb (compared to previous coin burn which was around 18$) will have a lot effect on the amount of bnb that will get burned. The sky is clear and bright for taking off the bnb rocket. This is not a financial advice. DYOR
Comment:
BNB outperformed BTC. But yesterday's and today's rise was way too harsh. A correction will take place for sure. Currently stochrsi and rsi are overbought, macd is above the center line in both 4h and 1d charts. Dont fomo in. Let it chill first before it rises again.