Right now BNB is a coin that reminds me a lot of the Bitcoin Cash chart just before it broke the 200 daily MA and exploded 200% in price days ago. The market structure is eerily similar to the year long accumulation BCH went through and like a tender smoked roast, BCH cooked on low and slow for a whole year boring traders to sleep before BOOM, a break above the 200 daily MA happened and the rest is now history. BNB has that same year long low and slow market structure currently but has not broken its 200 yet. It is still quietly in accumulation (possibly) but looks primed for a markup in price soon.
Also, Bnb's weekly is attempting to put in a double bottom at a nice 88.6% fib retracement. That being AFTER it made a 100% retrace just over a year ago to date.
A target of around 385 seems fair if and only if this 244 level holds on the weekly which is no gaurantee due to alt coins being so illuiquid in comparison to btc and eth. A true stop loss would be just below 184 but a tight stop loss below 220 is fine and maybe even wise.
A run to 385 would equal a +50% move in price.
Also, Bnb's weekly is attempting to put in a double bottom at a nice 88.6% fib retracement. That being AFTER it made a 100% retrace just over a year ago to date.
A target of around 385 seems fair if and only if this 244 level holds on the weekly which is no gaurantee due to alt coins being so illuiquid in comparison to btc and eth. A true stop loss would be just below 184 but a tight stop loss below 220 is fine and maybe even wise.
A run to 385 would equal a +50% move in price.
