Please! Some BNB!
We can talk about utility of a token all we want, but the fact of the matter is, most tokens do not have any utility. There is hope/expectation of utility in future, yes, for sure! But there are few token with current utility. Take HIVE for example; in this platform at least you can't live without HIVE. Here it is an utility token to reward blogging, and it is the primary token to transfer value between the token holders for free of cost. LEO is the same. We all know the utility of BTC and ETH, so no need to talk about those two. Similar would be BCH, LTC, XMR etc.... But, then, there are still thousands of tokens around with who knows what utility.
When I am moving to the defi swap space, I am mostly all into Pancakeswap now. This is exclusively because of high GAS fees at ETH. However, in the Pancake world, the thing you need is BNB. Without BNB, there are few things you can accomplish. I have had some BNB, but now almost all of it is staked! Trouble is almost all of it is bought in the 40s, not too long ago, in January! Well, you can say congratulations! But that doesn't help me. I am thinking about adding to my swap position, and just look at the current price of BNB!! It's insane!
So I am deperately trying to buy some BNB, but I don't want to do FOMO and pay the current price. So, I was/am looking at the chart to find a reasonable price to buy. Oh Boy! That is a struggle. So I thought I should do a bit of analysis to figure out where to buy BNB, without getting sucked into FOMO.
Above is the daily chart of BNB/USDT for the whole of 2020 and the couple of months of 2021. Today, there was a hint of a correction on the crypto market, but people are not letting it fall. BNB went parabolic in February. I can't believe it was $44 on Feb 01! If I knew, I would bought 10K BNB. But I didn't know and I didn't buy.
So here are the facts:
- First breakout, Feb 01, at $47, that would be the ideal entry
- Second breakout, Feb 17, at $139, hey, I'd love to get some there
- Third, the spike low of today Feb 22, at $220; if you must, get some here.... but boy this is high!
In order to test things a bit. I have drawn a Fibonacci Retracement from March Lows of Covid, to the ATH. The classic Fib 38.2% retracement matches almost perfectly to the spike low of today. And 61.8% Fib Retracement matches to Feb 17 support of $139! Hey TA works, when it works!! Its Magic!
Here are those same levels on a 4hr chart for better visibility. Happy hunting folks! Be careful our there!
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
