I am still learning how to read charts and use these tools. As of now this is how I understand these tools to work. My previous chart on BNB was a prediction based on my *then* understanding of elliot waves, of which I have since realized my chart analysis was flawed. Disclaimer: This analysis may be fundamentally flawed also.
BNB is a coin used on Binance as a currency or trading pair specifically for their exchange. Binance has become the largest volume exchange recently as far as I know. When Binance users purchase BNB, they can set their exchange preferences to automatically pay their trading fees in BNB and receive a 50% discount on said fees. With Binance registering 240,000 new users per hour last time I checked, I imagine that this BNB coin has reason to grow, and reason to carry out the Fibonacci extension as I have layed it out, if I have done it properly.
Thanks for reading. I am always open to critique and advice if I am wrong, or confirmation if you know that I have done this right. Although I am novice, I am not doing this as a hobby.
If you are learning from me, I suggest confirming or debunking these fundamentals by learning from a professional.
BNB is a coin used on Binance as a currency or trading pair specifically for their exchange. Binance has become the largest volume exchange recently as far as I know. When Binance users purchase BNB, they can set their exchange preferences to automatically pay their trading fees in BNB and receive a 50% discount on said fees. With Binance registering 240,000 new users per hour last time I checked, I imagine that this BNB coin has reason to grow, and reason to carry out the Fibonacci extension as I have layed it out, if I have done it properly.
Thanks for reading. I am always open to critique and advice if I am wrong, or confirmation if you know that I have done this right. Although I am novice, I am not doing this as a hobby.
If you are learning from me, I suggest confirming or debunking these fundamentals by learning from a professional.