BNB - Looks Due for a Correction, 30% possible.
Updated
Looking at BNB on the weekly chart, I think we're good for a correction down from where we're at to around the $20 level. Which is good because I am running low and trading fees are the bane of my existence.
We see an upward channel, but lower highs with a resistance retest in late October could overcome the September high.
We've been in oversold forever it feels like, MACD is heading to a reversal, and we've got a decent way's to go to down to our EMA's.
As a side note: I suspect we may see Binance face more opposition on the world stage as we see more contemporary players open up their own exchanges and further regulations from governments on cryptocurrency. A big part of BNB's value is obviously in the fact that Binance is currently the largest exchange; but this can change quickly. Eventually the channels will open up for the old money to funnel into crypto and when this happens I suspect Binance will see a massive hit, if the previously mentioned regulations don't take it out ahead of that.
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I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁
We see an upward channel, but lower highs with a resistance retest in late October could overcome the September high.
We've been in oversold forever it feels like, MACD is heading to a reversal, and we've got a decent way's to go to down to our EMA's.
As a side note: I suspect we may see Binance face more opposition on the world stage as we see more contemporary players open up their own exchanges and further regulations from governments on cryptocurrency. A big part of BNB's value is obviously in the fact that Binance is currently the largest exchange; but this can change quickly. Eventually the channels will open up for the old money to funnel into crypto and when this happens I suspect Binance will see a massive hit, if the previously mentioned regulations don't take it out ahead of that.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁
Note
I meant couldn't overcome the september high and we've been in overbought forever.Sleep you say? I'm in.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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