BNB - Renewed Life? Nearing buy for 70%+ potential?

Тема в разделе "English", создана пользователем Trading Ideas, 23 сен 2020.

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    BNB - Renewed Life? Nearing buy for 70%+ potential?
    Binance Coin / TetherUS BINANCE:BNBUSDT
    reggiogeorge
    8M4DhADG_mid.png
    BNB is Binance's native coin. A useful coin as it is used for a variety of transactions on Binance, and allows traders lower trading fees by using it for fees, as well as yield options.

    I've had a love hate relationship with this coin in the external world: On one hand, it's uses on what is essentially the most popular exchange has meant constant demand. On the other hand, it's directly tied to an exchange; and as history has told us, these seemingly mighty titans can be felled relatively quickly.

    Recently it's seen a huge uptick following the September dump, largely driven by it's inclusion in various liquidity farming pools. Big returns, allegedly minimal risk! Allegedly.

    Taking a look at the chart, I think there's some potential here.

    Since the June '19 ATH , we've seen a bearish downward channel turn into a rather bullish upward channel. Higher highs, higher lows, rather consistently strong MACD . It's the things you want to see.

    EMA 100 is a very important trendline on the BNB daily chart . We can see the price basically play around it: Above it, 100 becomes support and the price is bullish . Below it, 100 becomes resistance the we see bearish movement. Currently we are above it with a recent test bringing aggressive price rebounding.

    MACD is showing decently bearish at the moment, can assume further drops in the short term as historically the bearish MACD trends take a few days to play out with BNB

    Stoch is bottoming out. Historically it doesn't hang out here long at all, with abrupt up shifts being the norm recently.

    If we stay above this line consistently, without regular testing, I think bullish action in general can be assumed for BNB.

    Also, notice support & resistance levels have been falling in line with fib levels often, with the current support being at .5 fib, almost scarily on the nose. Like wise peaks fall on the fib. This can tell us ALOT about how the general market is reading the chart and setting their levels.

    BUYING IN?
    We're close. If the long term ascending channel holds we'll likely have a good opportunity to buy soon. Short term we're facing a bit of a resistance wall since the last peak, a break through this could signal movement upward. My buy zone is from 22.30 down to around .382 fib or 19.11 in the cases of a total market breakdown. Don't see it falling below this point, as that would take it well beyond previous lows and completely break the bullish upward channel it's been on. Definitely stop loss territory.

    BUYIN: 22.20 down to 18.00

    TP's: (based on previous highs, and fib levels)
    #1 - 27.05
    #2 - 32.70
    #3 - 39.90

    SL: 15-20% MAX

    If all else fails, we stick em in a yield pool and pray that boat isn't headed to the proverbial waterfall. Am I joking or not? Your call!

    “On the highest throne in the world, we still sit only on our own bottom.” - Michel de Montaigne

    I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.

    Feedback, criticism and crude humor are welcome :)
     
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