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BNBETH [1W] // Diamond for whalesHi friends! This is not an easy time, which creates even more questions before the time ahead. In this idea, we see the strongest pattern "Diamond", which will definitely be worked out. Based on the logic and analysis of the chart at earlier stages (starting from November, not August as here), we tend to break the pattern down, but we cannot rule out an upward movement. We suggest subscribing to updates of this idea, since closer to the moment of a breakthrough, we will understand the market situation more clearly and will be able to predict the right direction of movement with a high degree of probability.
Short
by Gethodl
Daily BNBETH UpdateBNB and ETH have been trading in a range since mid May 2021 and we are still in a very tight ranging range with neither one being able to outshine the other for a sustained period. I've had most of my "trading bank" in BNB since to last bounce off the lower support line (purple line). It does appear however that BNB is starting to build strength against ETH. It is in a local (shallow) uptrend and we are above recent MACD crossovers. RSI has also just managed to lift its head up into the green, signalling that there is a net positive sentiment for BNB over ETH. Only time will tell if it can build on this further or if ETH will stage a comeback.
by marcusdw1
BNB and ETH cross their lowest values.Binance Coin has not seen price rises by a large margin but has still taken a step upwards since the bearish run, having shown the lowest price of $505.93 yesterday morning. Today, it has reached $545.43, and its market cap has gone up by 3.00%, up to $89 billion. Ethereum and Binance have high hopes to pick themselves up in no time, as they’ve done so many times before. The trend for losing Ethereum and Binance seems to have come to a halt as prices hike upwards. Ethereum had seen a low of $3,700 this week which has not been a pretty sight after so long of being above $4,000. Now, it seems to have regained its composure somewhat and has hiked up $215 in price and now trades at $4,066
by BernardMikhail1
Daily BNBETH UpdateBNB has been showing some strength again over ETH in the last few days, but until proven wrong, I'm considering this as a short retracement in the downtrend. I've used a few red arrows to highlight the weakness in BNB's upward move over ETH. You can see that while price has been moving up, volume has been falling indicating that there is no commitment from the market to this move. ADX also shows that price movement has been accompanied by a general fall in interest from both buyers and sellers. There is not much splitting the two at the moment as both have been outperforming the wider market. I think there is a high probability that BNB will come back down to re-test the $0.1320 level again (previous level of demand).
by marcusdw1
Daily BNBETH UpdateThe major trading pairs are all looking very vague at the moment with trading slowing to a crawl. I'm not trusting most of the indicators as the volume is too low for them to have any meaning. BNB has been trending up against ETH (all be it weakly) since the end of October and at this point still is. Recent price movement has brought it back down to the trend line where it is currently looking for support. With such low volume being traded it's hard to say what will be the likely move from here, but until we see a break of the trend we must assume that it's still in place. We should see a definitive move in the next day, be that a break of the trend or a bounce off support. I'm holding BNB and will continue to do so until that trend line breaks. On a more fundamental level, BNB is a smaller market cap and so it's more likely we see larger moves up and down than we see in ETH. If we see a continued recovery in the wider market, BNB should continue to outperform ETH.
by marcusdw1
Daily BNBETH UpdateBNB made a high against ETH on the 12th of April 2021 and then trended down until August. Since then there have been three attempts to break to new lows (yellow circles) that were unsuccessful. A consolidation range has followed but more recently we are seeing BNB quietly and discretely building strength over ETH. We are seeing a slowly rising RSI and can now see a higher high and higher low....the beginnings of an uptrend maybe? We'll have to wait and see where this goes. Technically we won't be able to get excited until there is a break of the consolidation zone and I have that level at 0.16ETH. If this does happen it's very likely we will see price head towards the 0.29 ETH level that was the previous high.
by marcusdw1
Daily BNBETH UpdateBNB is looking more interesting to me every day. Since it's "blowoff top" against ETH back in April of this year it's either been trending down or sideways. This may now be changing. BNB seems to be gaining strength over ETH and is looking to establish a new uptrend. Zooming into the 4hr and 1hr charts you can see this more clearly. There was some strong positive recent price action that was followed by a pullback. There was good volume on the upswing and only modest volume as profit-taking brought price back down to a previous level of support (dotted line). If you also look at the ADX you can see that the trend became weak as the price fell. If BNB can hold this level it has a very good chance of setting up a long term uptrend over ETH.
by marcusdw1
Daily BNBETH UpdateFor those of you who trade on Binance this chart is of more interest. With BTC, ETH and BNB being the major trading pairs on Binance it's good to understand which of the three is outperforming over time. While ETH has been outperforming both BTC and BNB for some time, over the last week we can see in this chart that the tables may be turning towards BNB. Both the RSI and ADX are showing BNB displaying new strength over BTC and ETH. I'll be watching this chart closely and if this continues will rebalance my portfolio to have a greater weighting in BNB over the other two. At this point I don't consider any real trend to be in place, however, it could well be the start of one.
by marcusdw1