BNB - The Edgar Cayce of the cryptoverse? (Medium Term Forecast)
Edgar Cayce was an American clairvoyant who answered questions on subjects as varied as healing, reincarnation, wars, Atlantis, and future events while claiming to be in a trance. A biographer gave him the nickname, "The Sleeping Prophet".
In this case, BNB is a combo platter Sleeping Prophet & Sleeping Giant. One of the few coins that had massive gains during BTC journey to it's yearly lows, BNB caught onto an inverse relationship in March, topping out at $17.50/26525.
I charted that with precision here:
https://www.tradingview.com/chart/BNBBTC/BCdkcegU-BNB-is-loooose-But-must-be-watched-carefully-to-enter-now/
Now, the ascent begins again. But what does that really tell us? IF (and it's a soundgarden-ish SuperUnknown) that relationship continues, does the trend reversal that BNB recently took, tell us that BTC is going to double top at 8500 and go bearish short/medium term again? There is no doubt we are still in a bear market overall, so this would fit within those bounds.
The play here is that the gain in satoshical value for BNB will OUTPACE the BTC/USD drop in terms of percentages. This allows the fiat value of BNB to go up, and for us to take profits in an otherwise lame market.
In regards to the major resistance lines for the BNB/USD chart, they are as below. I like to trade those channels, and watch the relationship as the price action gets close to resistance/supports.
So much like Edgar Cayce, who could see the future, BNB started its trend reversal from bearish to bullish when BTC started(?) it's trend reversal from bullish to bearish.
This is all observation and hypothetical and for educational purposes. You assume the risk, and it is up to you to manage said risk in your trades.
xoxo
GoldenParachute
In this case, BNB is a combo platter Sleeping Prophet & Sleeping Giant. One of the few coins that had massive gains during BTC journey to it's yearly lows, BNB caught onto an inverse relationship in March, topping out at $17.50/26525.
I charted that with precision here:
https://www.tradingview.com/chart/BNBBTC/BCdkcegU-BNB-is-loooose-But-must-be-watched-carefully-to-enter-now/
Now, the ascent begins again. But what does that really tell us? IF (and it's a soundgarden-ish SuperUnknown) that relationship continues, does the trend reversal that BNB recently took, tell us that BTC is going to double top at 8500 and go bearish short/medium term again? There is no doubt we are still in a bear market overall, so this would fit within those bounds.
The play here is that the gain in satoshical value for BNB will OUTPACE the BTC/USD drop in terms of percentages. This allows the fiat value of BNB to go up, and for us to take profits in an otherwise lame market.
In regards to the major resistance lines for the BNB/USD chart, they are as below. I like to trade those channels, and watch the relationship as the price action gets close to resistance/supports.
So much like Edgar Cayce, who could see the future, BNB started its trend reversal from bearish to bullish when BTC started(?) it's trend reversal from bullish to bearish.
This is all observation and hypothetical and for educational purposes. You assume the risk, and it is up to you to manage said risk in your trades.
xoxo
GoldenParachute
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