From the previous trade idea, we can see that BNB has reached its previous ATH (in BTC terms), although the USD ATH is far to achieve but things sure look very interesting. I'll updating my trade in this tread accordingly.
We can see the former inverted head and shoulder breakout target I had charted on bnb awhile back is getting closer and closer to its breakout target...it had a retracement before reaching that target however which just so happened to retrace at just the right time to create a perfect cup and has now broken up from a small handle retrace at just the right time...should it reach the inverted head and shoulder target it will also simultaneously break above the rimline of its new cup and handle pattern. Typically priceaction retraces shortly after reaching price target projections so it will be important to make sure after the inverted head and shoulder target is reached that price action doesn't suddenly creep back under the rimline and pull a fakeout...should it trigger the cup and handle breakout as well though we could actually double its price from here which would be phenomenal as it is already at an All Time High I believe. Best to wait for confirmation and not allow yourself to get faked out.
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. ---------------- Previous analysis: https://www.tradingview.com/chart/BNBBTC/5BYj4U1f-Binance-Coin-BNBBTC-Goes-Bullish-Targets/