Here we will take a look at another unorthodox signal, to say the least. Taking into account the movement of Binance Coin (BNB) as a possible signal for Bitcoin ... Why is that you might ask?!
BNB detached from Bitcoin on March and started to move inversely to Bitcoin . When Bitcoin moved down, Binance Coin moved up. When Bitcoin went up, Binance Coin went down.
Right now, we are seeing the Altcoins market grow, coin after coin is moving up in price and climbing higher after bouncing from a low point in late June.
Binance Coin is an altcoin, but it isn't moving up together with the rest of the altcoins market, contraire, Binance Coin (BNB) is going down.
As it was mentioned by @keegan.ead on my Binance Coin (BNB) thread, it seems that "many people were using BNB as a store of value in the bear market. Which might mean that the fall of BNB signals strength for BTC".
Now, this doesn't mean that Bitcoin will go up because BNB is going down, but this is an interesting development and with a free enough imagination, it can be used as an additional signal for Bitcoin , specially when you take into account my observation of the altcoins market growing as a signal for BTC .
Please share your opinion in the comments section below...
Soon I will be posting my last Bitcoin update, where we can track Bitcoin's movements all the way to the MOON!
On July 5th I mentioned that Bitcoin will shoot up within 24-72 hours, based on a signal that I received from my indicators... We are still on track for this push up to happen.
I will be posting a new Bitcoin update soon.
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Let's keep tracking and see how it develops.
If the inverse correlation between Binance Coin and Bitcoin continues, then we can expect Bitcoin to continue its strong and healthy consolidation to finally keep on moving up, since the charts are saying that BNBBTC will keep on going down.
Note: This is an comment made based on the main observation above. This is not intended for trade purposes but instead for learning and having an additional signal for what the market might do next.
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Last time this happened, it made it back up after 1 candle, but we now closed two candles below...
Can BNBBTC make it back?
- There is room to go back up. But there is also room for a bit of upward correction and then more down...
Here is the weekly chart (looking bearish):
If the inverse correlation continues, we have good chance of BNB going down and BTC going up... But too early to tell... I will come back in a few days!
BTC looking good
BNBUSDT 4H looks good
BNBUSDT 1D - Down trend
BNBUSDT W - Ripped to shreds
You just updated this post just when bitcoin is going up and binance coin is droping?
The next target for this coin is $ 25 for the next 1 month-2 month
i called in 11.6$ in 4 day ago
alan Comment: It would be nice to have Bitcoin going up as fast as Binance Coin is dropping.
my comment : it would be nice to start binance growing and bitcoin dropping!
Is the market listening to my words?
If I say Down, then come down?
Important health market is not there!