A popular cryptocurrency analyst and trader is expressing near-term bearish sentiment for Binance Coin (BNB) and one Ethereum (ETH) competitor.
Starting with Binance Coin, the pseudonymous analyst Smart Contracter tells his 219,100 Twitter followers that the fifth-largest crypto asset by market cap could plummet by about 12% from current levels.
From the charts, it appears that the trader who applies the Elliott Wave Theory in his technical analysis is suggesting that Binance Coin has completed a five-wave bullish pattern and is poised to correct up to around $265, a level which coincides with the 61.8% Fibonacci level from the year-to-date high of $323.
“BNB coming down to minimum $265 in my opinion, is definitely on my radar for shorts on any bounce after daily close.”
Binance Coin is trading for $300 at time of writing.
Next up is Ethereum competitor Avalanche (AVAX). According to Smart Contracter, Avalanche could correct by up to 30% in February after completing a five-wave bullish pattern.
From Smart Contracter’s charts, it appears that Avalanche could fall to just below $14, an area that coincides with the 61.8% Fibonacci level from the year-to-date high of $18.97.
“A lot of “majors” [large cap crypto assets], if we can call them that, have now done clean clear 5-wave rises on daily, not all of them, but enough.
AVAX is one I think we can potentially see 25-30% pullbacks begin over the course of the next month.
Hate to be the bearer of bad news but it is what it is.”
Avalanche is trading for $17.34 at time of writing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Leave a Comment