Moving in the danger zone? Binance coin (BNB)
I have made some good profit trading BNB in the past and I follow this coin regularly. BNB has created a large symmetrical triangle of which it broke out upwards (good) 3 days ago, creating another smaller symmetrical from which it could not break out (bad) and is now continuing south. It has hit the blue trend-line on which it now clings for survival after it bounced of the 0.5 Fibonacci retrace level. If it fails to follow the blue trend-line which is also the bottom of the larger symmetrical triangle (the larger triangle is the one with the red dashed upper apex) we might see BNB go all the way down to the strong support zone (red line) which also happens to exactly coincide with the 0.382 Fibonacci retrace level. I am personally hoping this wont happen, but the state in which Bitcoin is at the moment of writing is not exactly great and we all know how tightly the alt-coin universe is connected to the well being of it's king.
As I am a big fan of Binance and therefor it's currency I would appreciate your views on this.
As I am a big fan of Binance and therefor it's currency I would appreciate your views on this.
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