FTX
Binance Coin (BNB) : Still no signs of slowing down
Binance Coin (BNB) was mentioned in our earlier post linked below and so far has increased around 200% in value. It is now showing signs of increasing further with a Bull Pennant Pattern which I will explain below, alongside some of the information from our last post that explains what BNB is and why this token is important in the Cryptocurrency space.
If we hold above monthly support and break weekly resistance area then BNB is setting itself up for a potential massive increase.
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What is Binance?
Binance is the worlds largest cryptocurrency exchange. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
1. What is Binance Coin (BNB)?
Binance Coin is the crypto-coin issued by Binance exchange, and trades with the BNB symbol. Binance coin runs on the Ethereum blockchain with ERC 20 standard, and has a strict limit of maximum 200 million BNB tokens.
2. How Is Binance Coin’s Supply Controlled?
Binance held an ICO for BNB (basically the same as a IPO ), originally selling 100,000,000 coins to those that wanted to participate. The founding team was allocated 80,000,000 coins and the other 20,000,000 went to initial investors.
3. How Is Binance Coin Distributed?
Each quarter the Binance exchange uses 20% of its profits to buy back BNB. Think of this like a share buy back that a traditional company would engage in. Binance will then destroy these coins (this is called a coin burn), in turn reducing the supply until 100,000,000 BNB remains outstanding. All in all, half of the originally issued coins will be destroyed.
4. Why is this positive for BNB ?
The rules of Supply & Demand tell us that when the demand of an asset outweighs the currently supply, we often see a increase in prices.
In BNB's case, first of all the tokens supply will be lowered over time with the BNB Coin burn described above: almost by half. Cryptocurrencies and Crypto Trading continues to increase in popularity and with Binance positioning itself as the #1 Crypto Exchange Worldwide one can only expect the demand to use BNB Token will increase, because BNB is used to power the Exchange Ecosystem, with features such as fees discount & digitized loaning & staking the growing user base will want to use more & more BNB token to lock in their fee discounts and receive potential rewards.
Today more staking was announced which seems the perfect timing for more growth:
www.facebook.com
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Bull Pennants are a little different to Bull Flags but are almost identical in appearance and are traded basically the same.
The most important factor in identifying any flag or pennant pattern is the clear "staff" or "flagpole"; there should be a straight run upwards leading up to the pattern or it is not a valid pattern.
After the straight run upward price starts to Zig Zag between two converging trendlines forming a tight wedge (it can be slanted, or even symmetrical) until the price "breaks out" above the upper trendline signifying a possible continuation in trend upwards.
Bull Flags and Bull Pennants have the highest success rate out of any pattern and work extremely well when paired with long term support & resistance areas. Enter at the invalidation point of the pattern (A), second entry on the bullish retest (B). Pennants that are “tighter” have higher success rates, look for patterns forming on top of long term resistances (not below) to increase probability of success also. Pattern height is measured and added to swing low before breakout for possible target.
Sometimes large size traders can generate liquidity by faking out under the pattern support as we can see on this current example with ADA. The liqudity generated by triggering stop losses underneath the pattern can fill large position sizes for whales and is a good indicator for a long once the price confirms support back inside the pennant .
Some key points:
• PRICE MUST MOVE STRAIGHT UP BEFOREHAND
• MIN 2 Touches each side on almost symmetrical looking wedge
• HIGH SUCCESS RATE
• BEST ENTRY IS often when price fakes out under support (Marked at A)
• Pattern height is measured and added to swing low before breakout for possible target
UNUS SED LEO (LEO) • Probably not late to jump into next move Bitfinex's coin LEO is looking like is building volume and momentum for significant move. This coin have been in a strong and very annoying consolidation for last month and half but barely saw any significant drawdown as compared to other major coins.
I think time is coming for this to continue to next target.
$FTT FTX TOKEN IS A BUY $100 INCOMING!!!!!THE SECOND HIGHEST MARKET CAP TOKEN (CEX) IS FLYING AND LOOK GOOD TO GO!
FTT for the future is good? IMO yeahI just checked few days ago about the announcement of FTX Chain. This is so impressive and looks like I have a chances to profit in the future, so thats why I just bought some FTT recently. Not only in fundamental, but if I see the daily charts, FTT still on bullish and looks like will reach new ATH. This is the reason I have bought some FTT recently even the price currently on daily resistent, cause I dont want to be late and yeah personally I'm ready to averaging untill support daily, 35$.
#DWYOR
This analysis made by newbie who want documentation his analysis, please note it.
The new GODMODE Fractal is in play.. Tesla bottom signal!Hello crypto traders!
Let me give you some hope here for a green april with this potential fractal I have spotted on Bitcoin ... but first, what is a fractal?
From the TradingView page on Fractals itself:
" Fractals are not only abundant in nature, they are also the building blocks of trends. They are simple yet important, repetitive formations, self-similar across different time frames and used by traders to identify or conform a trend (markets trend about 30% of the time) in order to trade it profitably. When broken apart, they exhibit the same characteristics as greater patterns or price movements. Fractals lag the market, because it takes time for them to form. "
So a fractal is a repetitive formation that can be identical or have almost identical characteristics, playing out repeatedly over time.
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In this current fractal on Bitcoin i can spot some key similarities in the Price Action now and January earlier this year:
( Price Action is the term used to describe the way the Candlesticks react to certain areas marked on the chart )
Timeline of events:
-Price formed a Symmetrical Triangle Pattern
-Price formed a small Head & Shoulders Pattern inside triangle
-Pattern broke downwards also losing horizontal SUPPORT area (Marked with red arrow)
-Downwards movement was quickly brought up with signs of institutional buying & interest
-Price then reclaimed support area and broke outside the Symmetrical Triangle (has not happened yet on the new formation) (Marked with green arrow)
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The main characteristic is a Symmetrical Triangle Pattern , in this pattern the price swings with 5 almost perfect touches between a Symmetrical Triangle before "breaking out" either upwards or downwards out of the pattern. The breakout can "fail" and reverse in the other direction which is what the below Fractal is showing us can potentially happen again now.
The Symmetrical Triangle forms the beginning of this repeated "Price Action" we are looking for presently.
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There is also a Head & Shoulders Pattern , in this pattern price forms 3 distinct peaks usually after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.
The Head & Shoulders leads to the downward breakout outside of the Symmetrical Triangle.
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So you can see on the bottom left of the chart we eventually "reclaimed" the Support & Symmetrical Triangle before having a massive up move, right now it looks like we are setting up to do something similar here, but first we need to get back above the "Support" & Symmetrical Triangle areas.
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Back around $35,000 we had the rumor followed by filing that Tesla brought Bitcoin:
www.cnbc.com
Now at the bottom of this current formation we have the news of Tesla accepting Bitcoin as payment:
www.cnbc.com
Do you really think one of the worlds Smartest & Richest men would want to accept an asset as payment if he believes it will depreciate in value?
-Trader Worth_The_Risk
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FTTUSDT will be able to correct up to 0.382 of this movement!?Technical analysis regarding the price of FTX TOKEN in relation of dollar Tether for the next scenarios, based on daily movement.
disclaimer
*** In accordance with CVM Instruction No. 598, of May 3, 2018, Art. 21, I declare that the recommendations of this analysis reflect solely and exclusively my personal opinions and perceptions and that they were prepared independently and autonomously. Not being considered a purchase and/or sale recommendation. ***
Any questions do not hesitate to contact me. I'm happy to be able to help you in the best way I can. 🙏
Crypto Market BreadthThe idea behind this chart is to give a snapshot of the market breadth for the entire crypto market at a glance. It uses the perpetual index futures on the FTX exchange to compare Bitcoin to Ethereum, the ALT index, the Midcap index,and the SHIT index.
This particular chart is using a Weekly interval and uses the March 2020 lows as it's anchor point (adjust scale if necessary). It's clear to see that while Bitcoin has been grabbing most of the headlines, the SHITCOIN index is in the driver's seat (help.ftx.com).
$SOL: A basic "Bid D1 Kijun" tradeNOT a financial advice.
D1 Kijun line has proven itself as a solid buy zone in January 2021.
Just give it another chance.
FTX:SOLUSD
BITFINEX:SOLUSD
BINANCE:SOLUSDT
BaoToken (BAO) • Beaten up FTX coin with potential upside Bao is another low cap coin available on FTX with currently no buzz (often come AFTER it pumps). The technicals are starting to look good. Great chance we start seeing soon the breakout of the downtrend assuming that Bitcoin will return to growth. Check video for my thoughts on it.
FTT - bright futureFTT the first child of FTX exchange has a bright furutre. It has bottomed here for this wave. Prob going to $100+ but first a touch under $50. Look at BNB and see how big exchange tokens can be. FTT has way more use than BNB and has regular burn
FTT Uptrend still not finished?Hello Traders!
Just gonna keep this one short and allow price to continue to define truth.
Stay tuned for more!
Happy Trading, always manage risk.
Quality in trading is the ability to react to one's own personal psyche
High percentage play for $EXCHPERP on FTX.EXCHPERP is setting up a strong pattern for a potential breakout over the next week or so. We know SHITPERP has already had a massive run so I'm expecting money to flow into other safer opportunities. This setup has decreasing volume so it is prime for breaking to the upside. Riskier traders enter at the apex of the wedges whereas safer traders might be better suited to wait for a break to the upside, retest, and confirmation moving upwards.
EXCHPERP basket includes BNB, HT, OKB, LEO, and FTT.
High percentage play for $MIDPERP on FTX.MIDPERP is setting up a strong pattern for a potential breakout over the next week or so. We know SHITPERP has already had a massive run so I'm expecting money to flow into other safer opportunities. This setup has decreasing volume so it is prime for breaking to the upside. Riskier traders enter at the apex of the wedges whereas safer traders might be better suited to wait for a break to the upside, retest, and confirmation moving upwards.
High percentage play for $HOLYPERP on FTX.HOLYPERP is setting up a strong pattern for a potential breakout over the next week or so. We know SHITPERP has already had a massive run so I'm expecting money to flow into other safer opportunities. This setup has decreasing volume so it is prime for breaking to the upside. Riskier traders enter at the apex of the wedges whereas safer traders might be better suited to wait for a break to the upside, retest, and confirmation moving upwards.
HOLYPERP is made up of SRM, SOL, and FTT.
High percentage play for $DEFIPERP on FTX.DEFIPERP is setting up a strong pattern for a potential breakout over the next week or so. We know SHITPERP has already had a massive run so I'm expecting money to flow into other safer opportunities. This setup has decreasing volume so it is prime for breaking to the upside. Riskier traders enter at the apex of the wedges whereas safer traders might be better suited to wait for a break to the upside, retest, and confirmation moving upwards.
#SUSHI: Trending up...I think $SUSHIBTC and $SUSHIUSD or $SUSHIPERP are trending nicely here and stand to benefit from the recent ATH break in $BTCUSD. Price discovery at play, there is a nice trend in the 3-Day timeframe here, so we can expect significant upside by April 9th or sooner as per the chart here. I'm long from a tad lower, but figured I should publish this idea here so others can benefit by joining on dips. Ideally price shouldn't retrace beyond recent lows, if this signal is valid, it should stay mostly near the highs and advance from here in the coming days.
Best of luck,
Ivan Labrie.
