A renowned cryptocurrency trader and analyst is well-known for expressing short-term bearish sentiment. This time, his targets are Binance Coin (BNB) and its competitor Ethereum (ETH).
Beware of Binance CoinAn anonymous analyst Smart Contracter he has warned his 219,100 Twitter Followers that the fifth-largest cryptocurrency asset by market cap could see a drop of around 12% from current levels.
From His technical analysis, which makes use of the Elliott Wave concept, implies that Binance Coin has completed a bullish five wave pattern and could retreat to $265, which coincides with the 61.8%. Fibonacci Level from the year to date peak of $323
“BNB dipping to a low of $265, IMO, is definitely on the cards if we see a bounce after the daily close.”
Binance Coin At the time of writing, it is changing hands for $300
Next Up is Ethereum Competitors Avalanche (AVAX). According To Smart Contracter, Avalanche may dip by up to 30% in February after completing a bullish five wave pattern.
From The Smart Contracter charts show that it looks like the Avalanche The price of a single coin may drop to just under $14. This is the same space as the 61.8%. Fibonacci Level from the year to date high of $18.97.
“A number of majors [large cap crypto assets]If we can name them, I have observed, on the daily chart, clear five wave rises are now complete, but not all, but enough.
AVAX is an indicator that we can expect to see 25-30% pullbacks during the month ahead.
It’s not my intention to spread negative news.
Avalanche At the time of writing, it is trading for $17.34.
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