BNB : Binance 2018 decentralised exchange
Updated
Hello Tradingview,
First and foremost this is not financial advice, this is an opinion.
I'll be trying to cover some basics in terms of technical analysis when a coin announces something, and this gets overbought.
Now let's take a look at BNB aka Binance Coin.
Binance has recently announced that for 2018 they will be working on a decentralised exchange.
This is good news, for people that don't know this but binance is a platform that has been gaining alot of volume over the last few months and they use their token as a way to reduce your trading fee's.
So let's take a look at the charts.
Buyers are winning on the stochRSI, the sell volume has been crossed by the buy volume.
Now this is normal when a coin has been in a downtrend channel from mid january, wich is normal because you know bitcoin.
If we look at the fib trend line's, we can see that on the daily chart, BNB has touched a support level 0.618.
Now take a look at the 4HR chart, you can see that StochRSI has been overbought, like hard.
This happens when a strong catalyst occurs for a coin.
The question you want to be asking yourself is this, am I going to trade this coin or am I playing it on the long run ?
Well you can do both.
If you look at the daily chart you can see there is plenty of room for this coin to grow, binance will be working hard on the new platform, and BNB is going to take a lot of room in it's development.
We might expect a retrace to the 10k4 sats / 10k7 zone looking at the 1H chart
So my overall thoughts is, this is a great mid-long term opportunity and you should look into it if you have the chance.
But if you want to trade this coin over the next days/weeks to come, be carefull for the sell volume, they go high pretty fast but the downfall is even faster.
As always if you have any feedback or questions, don't hesistate to leave a comment and a like !
First and foremost this is not financial advice, this is an opinion.
I'll be trying to cover some basics in terms of technical analysis when a coin announces something, and this gets overbought.
Now let's take a look at BNB aka Binance Coin.
Binance has recently announced that for 2018 they will be working on a decentralised exchange.
This is good news, for people that don't know this but binance is a platform that has been gaining alot of volume over the last few months and they use their token as a way to reduce your trading fee's.
So let's take a look at the charts.
Buyers are winning on the stochRSI, the sell volume has been crossed by the buy volume.
Now this is normal when a coin has been in a downtrend channel from mid january, wich is normal because you know bitcoin.
If we look at the fib trend line's, we can see that on the daily chart, BNB has touched a support level 0.618.
Now take a look at the 4HR chart, you can see that StochRSI has been overbought, like hard.
This happens when a strong catalyst occurs for a coin.
The question you want to be asking yourself is this, am I going to trade this coin or am I playing it on the long run ?
Well you can do both.
If you look at the daily chart you can see there is plenty of room for this coin to grow, binance will be working hard on the new platform, and BNB is going to take a lot of room in it's development.
We might expect a retrace to the 10k4 sats / 10k7 zone looking at the 1H chart
So my overall thoughts is, this is a great mid-long term opportunity and you should look into it if you have the chance.
But if you want to trade this coin over the next days/weeks to come, be carefull for the sell volume, they go high pretty fast but the downfall is even faster.
As always if you have any feedback or questions, don't hesistate to leave a comment and a like !
Note
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