Long BNB/BTC
Entry: 0.0031
Stop loss level: 0.0025 (-19.35%)
Profit taking level: 0.0052 (+67.74%)
Ideal position duration: 3 months
Fundamentals
The crypto space is a fast-moving industry. During the past week, alts have outperformed main pairs as risk appetites across multiple asset classes continued to increase — we expect this trend to follow through for a few altcoins.
After a full year of downtrend across the board in the crypto space, a few platform coins have clearly outperformed others. BNB — Binance Coin — has once again taken the lead as the largest gainer.
While many exchanges survived or died fighting against regulatory and hacking challenges, Binance has shown its resilience as a leader. Over the span of just a year, Binance has become not only a top exchange globally but also a community for the crypto world. Binance Labs, the incubator fund of Binance, invests in blockchain and cryptocurrency projects and communities. Binance’s Trust Wallet not only allows people to store crypto but also supports DApps from other projects. Unlike many other new exchanges who simply list tokens for the money, Binance has also taken steps to delist tokens and projects that fall below certain standards.
Have we forgotten the price action of crypto? ETH/BTC’s 0.024 previous top was taken out in Mar 2017; It then traded to 0.15 — a substantial gain of 625%. Why? Because traders and investors started to realize the power of ICO’s and believed that ETH would lead the way to revolutionize capital raising. BNB could very well follow the same pattern — the public may soon realize the power of the Binance Ecosystem. BNB’s is designed to facilitate transactions in the Binance Ecosystem and thus stands to gain value as the ecosystem grows. Thus, follow the trend.
Technicals
Crypto to crypto trend movements at times represent major shifts in crypto holders portfolios. We suggest to start with small trading size for this longer run play and add on size if BNB/BTC trends higher.
For BNB/USD, one should keep an eye at major support levels in the range of 9.5–10 USD.
Side note:
Another project one should take a look at is ENJ. Samsung partnered ENJ along with Cosmo Chain for its blockchain wallet. ENJ is a gaming cryptocurrency that also has its own ENJIN wallet and blockchain explorer. By partnering up with Samsung, ENJ opens the door for scalability of blockchain based games and collectibles to the mass public.
May trend be your friend!
Jason Fung
Trader
About BC GroupFounded in 2003, Branding China Group (BC Group) is listed on the Hong Kong Stock Exchange since 2012 (HKSE Stock Code: 0863). We are a conglomerate with a diversified portfolio of businesses in marketing communications and technology solutions, where we incorporate blockchain into next-generation technology platforms. Our vision is to move the world forward by unleashing the full potential of the blockchain ecosystem, to transform your tomorrow
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Originally published at telegra.ph on March 7, 2019.
