I am superbullish for binance coin BNB in the medium to long term. Essentially it is a bet that the Binance exchange will grow and I have high confidence in this due to reports that they received 1.5m registration attempts in a week and had to stop accepting requests while ensure their systems could cope. The CEO interviewed with Bloomberg (search on reddit for the video) and said that they opened registrations for an hour yesterday and opened 240,000 new accounts - in one hour!
I believe we are currently in wave 5 so do not advocate a new position at the current price of 20.5 USDT which is very close to a resistance level.
I would wait for a pullback to enter a long with target to the 0.618 Fib at 27.05 before a period of consolidation.
I believe we are currently in wave 5 so do not advocate a new position at the current price of 20.5 USDT which is very close to a resistance level.
I would wait for a pullback to enter a long with target to the 0.618 Fib at 27.05 before a period of consolidation.
Comment:
20.5 turned out to be a good entry. The high was reached at 25 which I believe is the end of Wave 5 of this move. We should see a period of consolidation taking the shape of an ABC correction before the next leg up. I expect a sideways move really as the amount of new users at Binance are sure to keep the BNB price up.