Trading Update: BNB

Earlier this week I shared my outlook on what the Binance coin would be doing and so far it has been holding true to my prediction. While the majority of the other cryptos are on a steady rise, BNB has been in a sideways move for the longest while not gaining any traction in either direction. So what are we going to see in the upcoming future? Well it sure looks like a lot of downside.

Looking at the 4 hour chart, you can see how the pattern has broken through the trendline and is on a current downward move. Now looking at this move I expect to see resolution to the lowest support line shown by the yellow line on the bottom.

Now taking a look at a 15 minute chart, you can see the chart is moving in a slow downward trend. Now this could continue all the way down to the trendline however, I think were gonna get a break soon that should take us close to the downward trendline or even touch it. This move might not make much gain as it could just be a sideways move for the majority of it but based on the very subtle downward moves I wouldn't be surprised to see at least one pull back.

For the time being I would stay out of BNB as I do not see much upside and even if you catch that move that could take us to the trendline it wouldn't be for much and you would do much better trading the other cryptos that are moving at an incredible pace.

If you have any questions or comments please leave them below and I will try to get back to you in a timely manner. As always have a great day and an even better one trading!

Here is my previous post on BNB:
https://steemit.com/steem/@ricjames/daily-update-binance-coin-bnb