The Ballsy BNB Trade
Updated
Good afternoon folks! After calling the top on the Bitcoin ratio for Binance Coin (BNB), I suggested a large bounce could occur in the wake of the Binance hack news. That played out nicely, but BNB failed to reach past 45000.
In my recent video, I talked about how I think BNB is reaching a "last chance" bounce zone. This is because it has JUST wicked off the long term rising log trend support that dates all the way back to 2017, when it first came on the market. That's right. BNB has never been in a downtrend against Bitcoin. What this also means is that if it breaks below current support (right at 31000, perhaps with some wiggle room down to 30000), it will be a change of trend for BNB, and it will look bearish against Bitcoin for the very first time. This is extremely significant.
To be clear, either direction is possible here, though I'm posting it as a long setup. Here are the potential trades I'm seeing:
BUY - NOW or near 31000
Stop Loss - below 30000.
Potential target SELL areas -
37000
40000
45000
50000
75000+
OR - you can SHORT/sell the breakdown below 30000 as it could be pretty massive (confirming the end of the uptrend for BNB).
Previous BNB charts linked at bottom.
This is not financial advice. I am not making this trade, since BNB isn't part of my long term portfolio and I'm happy with my positions. This is for educational purposes, and to show what a potential setup would look like. What you choose to do is up to you.
-Victor Cobra
In my recent video, I talked about how I think BNB is reaching a "last chance" bounce zone. This is because it has JUST wicked off the long term rising log trend support that dates all the way back to 2017, when it first came on the market. That's right. BNB has never been in a downtrend against Bitcoin. What this also means is that if it breaks below current support (right at 31000, perhaps with some wiggle room down to 30000), it will be a change of trend for BNB, and it will look bearish against Bitcoin for the very first time. This is extremely significant.
To be clear, either direction is possible here, though I'm posting it as a long setup. Here are the potential trades I'm seeing:
BUY - NOW or near 31000
Stop Loss - below 30000.
Potential target SELL areas -
37000
40000
45000
50000
75000+
OR - you can SHORT/sell the breakdown below 30000 as it could be pretty massive (confirming the end of the uptrend for BNB).
Previous BNB charts linked at bottom.
This is not financial advice. I am not making this trade, since BNB isn't part of my long term portfolio and I'm happy with my positions. This is for educational purposes, and to show what a potential setup would look like. What you choose to do is up to you.
-Victor Cobra
Note
So there's the drop below 30000. For the first time, BNB is out of the uptrend channel against Bitcoin. This could mean a much longer correction. This would also make sense sentiment wise, as Binance will be losing a lot of trade volume in September. 
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