Hi friends hope you are well and welcome to the new update on Binance coin. The CEO of binance Changpeng Zhao recently replied to a tweet that shows the expected BNB coin burn event on 15 July 2020.
https://twitter.com/cz_binance/status/1279085740127748096
- cz_binance
Movement in channel:
After the tweet, the price action of Binance coin moved up by only 13%. If we watch on the live daily chart then this is a normal move. Because the price action was already moving at the support of an up channel and it was expected that the price action will be moved up from here towards the resistance of this pattern.
A big Gartley move:
Now if we switch to the monthly chart then the BNB coin has formed a big Gartley pattern. And if we take a closer look at the chart then before this move the price action formed the same kind of Gartley pattern from December 2017 to December 2018. At this time the price action is moving in the potential reversal zone of recent pattern and as per the Fibonacci sequence of Gartley the buying and sell targets can be as below:
Potential reversal or buying zone $17.67 to $11.71
Fibonacci projection or sell zone: $22.36 to $33.62
A big BAT move:
And for the people who want to trade the Binance coin with Bitcoin pair the BNB coin has formed a very big bullish BAT pattern. At this time the priceline of Binance coin is moving in the potential reversal zone of this BAT pattern. The buying and sell targets as per Fibonacci sequence of harmonic BAT are as below:
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Potential reversal or buying zone: 0.0019992 to 0.0016412 sats
Fibonacci projection or sell zone: 0.0028530 to 0.0041345 sats
Conclusion:
The Binance coin has formed very big bullish patterns in both USD and Bitcoin markets. The upcoming event of coin burn can be also helpful for the execution of these bullish patterns. However, we should set stop loss at maximum extents of these potential reversal zones incase the priceline breaks down these levels.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.