AlanSantana

Binance Coin (BNBBTC) Will Drop Some More (According To Signals)

Short
BINANCE:BNBBTC   Binance Coin / Bitcoin
Don't get me wrong, I love Binance and Binance Coin (BNB) too, but the charts are telling that this amazing exchange token is going to continue dropping.

Remember to hit like so that we can get started... Ok!

Binance Coin (BNB) had a really strong rally that started in late November 2018.
This beautiful altcoin went on a massive run and generated over 110% profits, but now it has reached a peak and our indicators are telling us to sell.

The only relevant question here is the following: How far down can BNBBTC really go?

We have quite a few variables here that can make this one a hard question.

Binance is completely solid and so its token can defy normal signals and market conditions, and we are seeing the beginning of a strong wave up marketwide.

At one point BNB was being used as a safe haven against Bitcoin deprecating value. But now Bitcoin is moving up and BNB already had its run.

So regardless of the fact that Binance added the option to purchase cryptocurrency with credit cards, it is very likely that the signals that I am seeing now will go into play. (We won't be looking at signals on in this post)

So here is my prediction, fully based on chart signals and personal experience, as to how far down BNBBTC will go.

  • I am looking at least the 0.618 Fib. retracement support for the upcoming drop, which is sitting at 0.0021092.
  • Depending on how the charts develop from there, it can go down even further.
  • If this wasn't BNBBTC , I would go straight ahead and say at least 0.786 Fib. retracement at 0.0019486, but in this case, I will look at EMA50 (magenta) as main support if 0.618 doesn't hold.
  • Now, there can be a bounce up before this retrace continues, a try at a double top , etc. And there are conditions for change.

Conditions for change: If BNBBTC moves up and breaks above 0.0026991 with strength and good volume , then the above signals would be invalidated and a new analysis is needed.

In the meantime, Binance Coin ( BNBBTC ) is now bearish and aiming to go down.

What's your take on this analysis?

You believe BNB will go down or that it will resume its trend up?

Please share your charts and thoughts in the comments section below.

Thanks a lot for reading, I truly appreciate your support.

Namaste.
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Previous analysis:
Comment: Let me point out a common beginners mistake, inspired by the comments section.

When you see certain signals/action coming from the charts, you need for confirmation of such action.

In the case of the chart and analysis above, we are looking at the daily time frame.

When I wrote "conditions for change", it states the following: "If BNBBTC moves up and breaks above 0.0026991 with strength and good volume, then the above signals would be invalidated and a new analysis is needed."

Yesterday's daily candle closed at exactly 0.0026818, which is below the last peak.

So before we can consider today's move confirmed and this analysis invalidated, the daily candle needs to close above 0.0026991 with strength and volume.

Why strength and volume? Because a weak close will still lead to a retrace.

Patience is key. Daily candle closes in 12 hours.

Here is the chart:
Thanks a lot for reading and continued support.

Namaste.
Comment: The bearish divergence has now been sealed, already dropping:
Comment: Binance will be paying the BitTorrent competition winners with BNB (Binance Coin). This will surely serve as fuel do the drop that is coming.

So look for the end of the competition for an accelerated drop. It can be traded.

Here you can read more about the competition (scroll down): https://www.tradingview.com/chart/BTTBTC...

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