BNB: Silent Commentary?
I apologise once more for not posting for a while. Let's talk about BNB once more. There is almost no commentary about BNB. I often wonder why. One has to admit that BNB has been one of the most resilient cryptocurrencies. Until very recently, it held support at the 55-EMA. Despite the break in support, BNB did not capitulate and fell helplessly. Instead, BNB traded sideways with the odd attempt to rise in price.
While cryptocurrencies such as BTC and SOL have fallen below their 200-day moving average, BNB holds above its 200-day MA. The BNB 200-day moving average weighs in at $481. Price support for BNB weighs in at $505. A break in support coupled with a 200-day MA price nearby may lead to a rapid fall in price.
We all know that BTC dictates the overall direction of the market. It means where BTC goes, BNB follows. Recent reports of the German government putting up BTC for sale and payment to Mt. Gox creditors can only mean one thing - another fall in BTC price. I may remind you that the total amount of BTC we are talking about is US$11.32 billion. I suggest we all brace for impact. And as to how far BNB and other cryptos might fall, your guess is as good as mine.
