Where's The Top?? Binance Coin (BNB)
Updated
This is one of the few coins I've been observing over the last several months that has completely defied my speculation (and one of the few calls that I've gotten completely wrong, I'll admit). That said, in my last BNB analysis, I did say that we were unlikely to reach my lower targets after the sustained bounce from 12000.
BNB has obviously not corrected as much as most other cryptocurrencies. This is due to fundamentals, its deflationary nature, its ability to reduce trading fees on Binance, and Binance itself. As you can see, we've gone completely parabolic. Using the pitchfork tool, you can also see that we may be forming a very large uptrend channel.
Judging by the RSI and ultimate oscillator, we should in theory be near a top now. Anywhere between here and 50000 might be a good place to take profit into Bitcoin, if you've been in BNB for a while. As you can see, my green X at 50000 lines up nicely with a long term trendline. However, it's also possible that BNB continues to avoid a bigger correction, and it heads up to the very top of the channel, which means much much higher prices before a longer correction. That means anywhere between 0.008 and 0.013 would be in the cards. I think that would be possible if 50000 breaks. But what do I know? My last BNB analysis was totally off.
On the short side, if we drop soon and break below the uptrend channel (around 20000-23000, depending on when we touch it), that would be a very strong sell signal, and BNB would experience a long correction. This could happen if we see another bull market soon (people taking profits into beaten down altcoins). It could also happen if the bear market extends further.
This is not financial advice. This is just to see what may unfold. It's undeniable that BNB has one of the most bullish looking charts of any altcoin in the crypto sphere.
-Victor Cobra
BNB has obviously not corrected as much as most other cryptocurrencies. This is due to fundamentals, its deflationary nature, its ability to reduce trading fees on Binance, and Binance itself. As you can see, we've gone completely parabolic. Using the pitchfork tool, you can also see that we may be forming a very large uptrend channel.
Judging by the RSI and ultimate oscillator, we should in theory be near a top now. Anywhere between here and 50000 might be a good place to take profit into Bitcoin, if you've been in BNB for a while. As you can see, my green X at 50000 lines up nicely with a long term trendline. However, it's also possible that BNB continues to avoid a bigger correction, and it heads up to the very top of the channel, which means much much higher prices before a longer correction. That means anywhere between 0.008 and 0.013 would be in the cards. I think that would be possible if 50000 breaks. But what do I know? My last BNB analysis was totally off.
On the short side, if we drop soon and break below the uptrend channel (around 20000-23000, depending on when we touch it), that would be a very strong sell signal, and BNB would experience a long correction. This could happen if we see another bull market soon (people taking profits into beaten down altcoins). It could also happen if the bear market extends further.
This is not financial advice. This is just to see what may unfold. It's undeniable that BNB has one of the most bullish looking charts of any altcoin in the crypto sphere.
-Victor Cobra
Note
We've begun a bit of a drop now, but a correction was expected. As I mentioned in this analysis, probably taking some profit now or around 50000 (if we get there) isn't a bad idea.Note
RSI is way overheated on the weekly timeframe, so a big drop here wouldn't be surprising. I guess we'll see what happens.Note
The dip was quickly bought up, which shows that there's still strength here. We could indeed move on to target 50000.
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