Can $BNB survive the SEC?

29 Jun 2023 · 1 min

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In this brief market commentary, the speaker evaluates Binance Coin (BNB) as extremely weak and advises a bearish stance. He recommends a short bias rather than buying on low price, citing a minimum price target of $148.50. Using the weekly chart, he points out a liquidity void and notes that BNB is already trading at a discount. He explains that a bounce would need to occur within the Fibonacci "golden pocket" (0.618–0.705). If BNB fails to rebound in that zone, the speaker warns that a drop to around $40 is possible.

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BNB. Essentially, all you need to know about BNB is that it is looking extremely weak, and I wouldn't necessarily buy something just because it is, you know, cheap. If I were to be doing anything, I would be leaning towards going short here. Back to minimum target is $148.50. Now I know that seems ludicrous. If you go onto the weekly chart, this is where the liquidity void exists, right? You can see that we are already in a discount, which means that if BNB were to bounce, it is either going to bounce here within the golden pocket, which is between the 618 and the 705. And if it does not bounce here, a $40 BNB would not be out of the question.