✴️ Binance Coin Distribution Phase ContinuesThe longer it takes, the stronger the correction will become.
Good Monday my fellow Cryptocurrency trader, how are you feeling today?
I hope this week brings you lots of profits...
We are back again looking at Binance Coin —BNBUSDT.
This pair peaked 28-Dec 2023, 46 days ago.
On 9-Feb we get a new lower high while trading volume goes down to zero.
Why do I say that this is a "distribution" rather than consolidation phase?
The fact that we have no new highs is what gives it away.
In a consolidation phase, after a month and a half wait we would see at least one challenge of resistance but here this isn't the case.
In comparison, the bullish move from 21-Nov through 28-Dec lasted 37 days.
The move from the 9-Oct low to the 21-Nov high lasted 43 days.
In those instances, we would see price action moving forward and hitting new highs, this is not what is happening in the current phase.
Another revealing signal can be found by looking at the session close rather than the wicks.
The highest close happened 27-Dec 2023.
The bearish divergence on the RSI is now more than two months old.
I think it will only take a few more days... 1-2 days maybe but not far from mid-February for everything to unravel yet it can take time for the completion of the bearish wave.
This is definitely the complacency phase.
More than 90% of all Bitcoin addresses are in profit now, when this metric becomes this high, we usually get a correction and that is also what the chart says.
The sell-off is expected based on price dynamics and market cycle but there will be a "surprise" development that will match the market sentiment which people will later use to point fingers, they will say: "The reason it dropped was because of such and such an event..." But the truth is that after a rise, we get a drop and that's just how it works.
Prepare accordingly.
And thanks a lot for your support.
You will be rewarded for your persistence, your insistence, for your patience and for your trust.
Namaste.
