i Still dont consider myself a trader, this is my first time on a market and I only have three years on crypto, the good thing is that I had the luck to experience the bull market from 2017-2018 and then learn how to survive the bear market since then, several factors help me to stand liquid one of them the mining, passive income with certain platforms but for the past year what has kept me up float is having patience, wait for the right time to enter a trade and do it gradually, sometimes we fomo into projects and thats inevitable but having a plan to get in an out is best.
There are a few altcoins Im watching because I dont think the crypto market will crash any time soon neither the traditional markets at least for now, until Bitcoin shows something different I will remain bullish on crypto, so as many others I believe an altcoin season is about to start, different than 2019 we are starting to see some coins move hard, going up over 300%, way more altcoins doing this the past couple of months, here comes Binance Coin (BNB)
This is the daily BNB chart, all time high on april 2019 and since then it took back almost everything, going down 65% and almost 90% since that run to all time high started back in december 2018.
As sen on the above charts there is a historical support and resistance levels that has created a channel, the channel between the two yellow lines, BNB has been bouncing since March 2020 on top of this channel perfectly, more than once and right now the price seems to be getting flat. There is an upcoming event as on every quarter Binance burns a certain amount of coins reducing the supply, this is not a guarantee that the price will sky rocket but if we take in consideration the following factors
- Binance coin burn
- Possible altcoin season
- Possible BTC break above $10500
Even if all this three factors dont happen at the same time I think the order of the factors wont alter the results, but its my personal opinion that is very likely that we have this events within the next one to two months, for this reasons Im thinking to start buying BNB , starting with 20% of the entire allocation that I have decided to use for this trade, at least thats the plan and those are the reasons.
Levels it has to break
- 19k Sats: confirmation of break to to the upside
- 20k Sats: breaks next resistance and starts to get parabolic
- 23k Sats: depending on the market and how the chart looks if this level is broken then I can see BNB going up to 30k sats
This is a coin that all it has done is dump since all time highs but now its trying to find a bottom over a previous channel of resistance, there are other altcoins Im looking at like ICX, LBC, KCS that buy the way is working on their own chain and the charts looks very tasty too, we might even see another run from exchange tokens like it happen last year, hope you find this information useful
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