This is clearly in a massive downtrend in the short-term, however it is hard to ignore a couple of things here...
A) BNB is very useful as a token. It cuts fees in half on the biggest crypto exchange in the world and as alts are heating up and if another bull market ensues Binance and BNB will get more use.
B) Due to the token burn and dividend like nature holding BNB is valuable.
C) Because it is seen more as a dividend and has real use case this token will go through more normal market structure than other speculative tokens so looking at this chart on a 3D time frame and above makes sense.
D) When looking at the 3D picture it is making higher lows and highs making it in a long-term bull trend.
Cup and Handle Characteristics:
1) Uptrend coming into the cup (check)
2) Handle retrace is .382 - .618 (usually .382 to .5) fib level from the bottom of the cup to the cup neckline (currently at .382 level so I suspect it will drop to .5 level)
3) Volume profile is rising into left side of cup, falling into cup pick where it picks up and then dies off throughout the handle (check).
Last thing BNB needs is to reverse on a FIB and spike through the neckline with significant volume for uptrend continuation and the next target would be around the .0028 level.
A) BNB is very useful as a token. It cuts fees in half on the biggest crypto exchange in the world and as alts are heating up and if another bull market ensues Binance and BNB will get more use.
B) Due to the token burn and dividend like nature holding BNB is valuable.
C) Because it is seen more as a dividend and has real use case this token will go through more normal market structure than other speculative tokens so looking at this chart on a 3D time frame and above makes sense.
D) When looking at the 3D picture it is making higher lows and highs making it in a long-term bull trend.
Cup and Handle Characteristics:
1) Uptrend coming into the cup (check)
2) Handle retrace is .382 - .618 (usually .382 to .5) fib level from the bottom of the cup to the cup neckline (currently at .382 level so I suspect it will drop to .5 level)
3) Volume profile is rising into left side of cup, falling into cup pick where it picks up and then dies off throughout the handle (check).
Last thing BNB needs is to reverse on a FIB and spike through the neckline with significant volume for uptrend continuation and the next target would be around the .0028 level.