A Crypto Trader Warns of Binance Coin (BNB) Collapse Against Bitcoin (BTC)
A popular crypto trader, known as Bluntz, is cautioning the crypto community that Binance Coin (BNB) is at risk of collapsing against Bitcoin (BTC). Here are the key points to note:
– Bluntz highlights that the BNB/BTC trading pair has formed a bearish swing failure pattern (SFP). This pattern occurs when price fails to make new highs after a series of higher highs and higher lows, indicating a potential bearish reversal.
– According to Bluntz, BNB is a top priority for shorting, emphasizing the “savage” SFP on BNB/BTC and the poor high timeframe chart.
– The trader suggests that BNB could drop below the $200 level around September 2nd, retest the $210 level near September 4th, and potentially decline to around $196 by September 6th.
– Bluntz had previously predicted the end of the five-year uptrend in BNB/BTC, suggesting a minimum further decline of 40%-50%. He also warned of a potential drop to as low as $80 for the BNB/USD price.
– Currently, BNB is trading at $217, experiencing a 2.3% decrease in the last 24 hours.
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