A broadly adopted crypto dealer is warning that Binance Coin (BNB) is on the verge of collapsing in opposition to Bitcoin (BTC).
Bluntz tells his 224,500 followers on the social media platform X that the BNB/BTC buying and selling pair has shaped a bearish swing failure sample (SFP).
A swing failure sample in an uptrend usually happens when worth makes a sequence of upper highs and better lows, however in some unspecified time in the future fails to make new highs and sell-side stress begins to mount, hinting at a bearish reversal.
Says Bluntz,
“BNB continues to be prime of the precedence record for shorts. [There was a] savage SFP on BNB/BTC yesterday and the USD pair merely seems to be like an A-B-C [correction] up nonetheless.
Additionally, [BNB] has essentially the most horrendous excessive timeframe chart for my part.”
An ABC correction, a part of Elliot Wave concept, is an easy three wave transfer in the wrong way of the development. On this case, Bluntz thinks BNB’s power in late August was a correction upward in its long run downtrend.
Trying on the dealer’s chart, he means that BNB might decline under the important thing $200 degree round September 2nd, retest the $210 degree close to September 4th after which decline to about $196 by September sixth.
The dealer’s bearish BNB prediction dates again greater than eight months in the past.
He beforehand mentioned,
“I feel the five-year uptrend in BNB/BTC has come to an finish. IMO it comes down at minimal one other 40%-50% from right here. [I] genuinely don’t even know the place that may put the BNB/USD worth however I’ll be avoiding this coin just like the plague from right here. GL (good luck) when you maintain it.”
He additionally suggested months in the past that BNB might decline to as little as $80, which might be a greater than 63% decline from its present worth.
“If I needed to guess, USD pair is heading to between $80-$100.”
BNB is buying and selling for $217 at time of writing, down 2.3% within the final 24 hours.
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