What is happening with $BNB? TA doesn't work they say.
Updated
Well Binance is one of the phenomenal centralized exchange out there, with just one year after it's relesed, Binance knock out many of the earliest exchanges with a very friendly app and website that looks like they're ready for the game. Even right now, the developing is quite massive with many offices opening in the certain city that CZ (Binance CEO) ambitiously said that they wanted to open new office on at least every continent.
Despite that stuff, CZ is one of the influencer on twitter that has many followers which can be the reason Binance here holding up because the image that CZ display as the one among many key person in the cryptosphere development.
Binance Coin or the ticker BNB itself still having some scheduled coin burn to actually decreasing the coin ciculating supply, which can be a cause of price rally and holding up at certain level to not break down lower.
Having BNB on your portfolio is a no "worry" at the status quo, as you can you use them on Binance exchange as a "discount voucher" for your transactions on Binance so you can get lower fee on trading activity. Plus, Binance team is really bunch of professionals which you should not worry about and they said one day they will coming for decentralized exchange also, which right now it's kind not very massive and appreciated considering the volume in every decentralized exchange.
Back to technical part.
The chart clearly create a H&S pattern which can lead a downward after it breaks the neckline and the RSI level is not really strong right here, which below 50 level and might causing that thing what we're we don't want to happen, happening.
Take this as a grain of salt, but I draw several green boxes for price measurement to get an entry. Because from i see right now, the support looks very weak and there's no strong buying volume. So indeed i'm more bearish on BNB with 65/35 percentage.
Despite that stuff, CZ is one of the influencer on twitter that has many followers which can be the reason Binance here holding up because the image that CZ display as the one among many key person in the cryptosphere development.
Binance Coin or the ticker BNB itself still having some scheduled coin burn to actually decreasing the coin ciculating supply, which can be a cause of price rally and holding up at certain level to not break down lower.
Having BNB on your portfolio is a no "worry" at the status quo, as you can you use them on Binance exchange as a "discount voucher" for your transactions on Binance so you can get lower fee on trading activity. Plus, Binance team is really bunch of professionals which you should not worry about and they said one day they will coming for decentralized exchange also, which right now it's kind not very massive and appreciated considering the volume in every decentralized exchange.
Back to technical part.
The chart clearly create a H&S pattern which can lead a downward after it breaks the neckline and the RSI level is not really strong right here, which below 50 level and might causing that thing what we're we don't want to happen, happening.
Take this as a grain of salt, but I draw several green boxes for price measurement to get an entry. Because from i see right now, the support looks very weak and there's no strong buying volume. So indeed i'm more bearish on BNB with 65/35 percentage.
Note
Side wayI will close this thread and start a new one soon for BNB chart.
Trade closed manually
I will start a long chart for BNB from now on, As I can see the RSI quite nice. I don't really like the DMI and the price action because it's really 50:50 and i hate to have this view. I rather bearish or bullish. but yeah, here we go the market.
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