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A popular cryptocurrency analyst and trader expresses near-term bearish sentiment for Binance Coin (BNB) and a competitor to Ethereum (ETH).
Starting with Binance Coin, pseudonymous analyst Smart Contracter tells his 219,100 Twitter followers that the fifth-largest crypto asset by market capitalization could drop around 12% from current levels.
From the charts, it looks like the trader applying Elliott Wave Theory in their technical analysis is suggesting that Binance Coin has completed a five-wave bullish pattern and is about to correct down to around $265, a level that coincides with the 61.8% Fibonacci level from the year-to-date high of $323.
“BNB, which is down to $265 minimum in my view, is definitely on my radar for shorts on any bounce off the daily close.”
Source: Smart Contracter/Twitter
Binance Coin is trading for $300 at the time of writing.
Ethereum’s next competitor, Avalanche (AVAX). According to Smart Contracter, Avalanche could correct up to 30% in February after completing a five-wave bullish pattern.
From the Smart Contractors charts, it looks like Avalanche could drop just below $14, an area that coincides with the 61.8% Fibonacci level from the $18.97 high since the start of the month. ‘year.
“A lot of “majors” [large cap crypto assets]if we can call them that, have now made clear and sharp 5 wave highs every day, not all of them, but enough.
AVAX is one that I think we can potentially see 25-30% pullbacks begin over the next month.
I hate to be the bearer of bad news, but it is what it is.
Source: Smart Contracter/Twitter
Avalanche is trading at $17.34 at the time of writing.
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