A well-liked cryptocurrency analyst and dealer is expressing near-term bearish sentiment for Binance Coin (BNB) and one Ethereum (ETH) competitor.
Beginning with Binance Coin, the pseudonymous analyst Good Contracter tells his 219,100 Twitter followers that the fifth-largest crypto asset by market cap might plummet by about 12% from present ranges.
From the charts, it seems that the dealer who applies the Elliott Wave Principle in his technical evaluation is suggesting that Binance Coin has accomplished a five-wave bullish sample and is poised to appropriate as much as round $265, a stage which coincides with the 61.8% Fibonacci stage from the year-to-date excessive of $323.
“BNB coming all the way down to minimal $265 in my view, is certainly on my radar for shorts on any bounce after every day shut.”
Binance Coin is buying and selling for $300 at time of writing.
Subsequent up is Ethereum competitor Avalanche (AVAX). In line with Good Contracter, Avalanche might correct by as much as 30% in February after finishing a five-wave bullish sample.
From Good Contracter’s charts, it seems that Avalanche might fall to only beneath $14, an space that coincides with the 61.8% Fibonacci stage from the year-to-date excessive of $18.97.
“Plenty of “majors” [large cap crypto assets], if we are able to name them that, have now achieved clear clear 5-wave rises on every day, not all of them, however sufficient.
AVAX is one I feel we are able to probably see 25-30% pullbacks start over the course of the subsequent month.
Hate to be the bearer of dangerous information however it’s what it’s.”
Avalanche is buying and selling for $17.34 at time of writing.
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