Hey traders, looking at the price action of Binance Coin to the U.S. Dollar on the daily time frame, it’s clear we can see higher lows from the ‘market bottom’ last summer during the 3 Arrows capitulation event. From here, we saw a higher low from SBF’s capitulation event and from here, we created this parallel trend that’s been held on this most recent swing low.
Now, we don’t have anymore capitulation events (that i’m aware of), the US just passed the debt ceiling bill so they aren’t going to default, and all FUD is turning to be a farce. I’m expecting some consolidation around this $293 - $300 level (in this parallel trend) until we inevitably reverse back up towards the Feb 2021 swing high level and above. Unless Binance itself crashes, this coin and the rest of the market, especially Litecoin is getting primed for the halving event and future growth to the upside.
If we drop lower and lose $258 somehow, then that’s another story and Binance would be on the loom of the next great financial disaster. Highly unlikely, but possible as all things have a possibility, we need to make our best educated guess.
I’m expecting June to be another slow month of selling off until we see that market reversal back up, this should happen in tandem with Litecoin’s event later this summer.
As always, please do your own research. This is not financial advice or meant to be in any shape or form, and the chart is meant as art only.
Now, we don’t have anymore capitulation events (that i’m aware of), the US just passed the debt ceiling bill so they aren’t going to default, and all FUD is turning to be a farce. I’m expecting some consolidation around this $293 - $300 level (in this parallel trend) until we inevitably reverse back up towards the Feb 2021 swing high level and above. Unless Binance itself crashes, this coin and the rest of the market, especially Litecoin is getting primed for the halving event and future growth to the upside.
If we drop lower and lose $258 somehow, then that’s another story and Binance would be on the loom of the next great financial disaster. Highly unlikely, but possible as all things have a possibility, we need to make our best educated guess.
I’m expecting June to be another slow month of selling off until we see that market reversal back up, this should happen in tandem with Litecoin’s event later this summer.
As always, please do your own research. This is not financial advice or meant to be in any shape or form, and the chart is meant as art only.