BNBUSDT Binance possible correction

3 Jan 2018

BNB had good performance in December. At the top, it appeared to have formed a falling wedge, which would be a bullish continuation pattern. However, it had a weak breakout, and now we seem to be forming a rising wedge pattern, which would be bearish continuation.

This shows the indecision in the market. Apparently, everyone is waiting for the bitcoin situation to resolve.

In the best-case scenario, a bullish continuation will lead us to $14.
Worst, $5. The monthly MA may provide some support above $5.

I just got some this morning as I opened a Binance account. It's my way to hedge against the possibility that BTC will go up from here, even though my mid-term view has been bearish.

Check out my website: jlteng.com

And my view on bitcoin:

4 Jan 2018

Catatan

still in the wedge

5 Jan 2018

Catatan

still in wedge. maybe break out

5 Jan 2018

Catatan

BNB broke out today. Very nice. I personally will keep holding because it's useful for everyday trading & because it's useful every day on binance, it's unlikely to fall to crazily.

6 Jan 2018

Catatan

OMG, should've bought more. I suspect this is because money on binance don't have a good place to flow into at the moment