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- BNB / BTC produces a double-top pattern, leaving the door open to further downward pressure.
- Binance CFO confirms that the organization is still profitable, despite the 'crypto winter'.
Behavior of the prices of the coins
The BNB token has outperformed many of its peers in recent weeks. Since the beginning of the week of December 3, BNB / USDT has gained 115%. The price recently reached its highest levels since June 2018, with a high of 0.0027000 USD. Given the long consecutive race to the north, it is not surprising to see a chill.
Observing where the price had peaked earlier in the week on February 12, BNB / USDT produced a kind of double-summit formation. The summit was very close to the peak on June 17, 2018. By contrast, the market ran after investors reached new heights, investors taking profits after the strong north run from December 2018. As a result, is underway at its third consecutive session in the red.
Binance remains profitable despite winter crypto
Binance's Chief Financial Officer Wei Zhou recently spoke in an interview with CBNC, where he commented on the company's position in the context of a slowing market. Zhou said, "To this day, even in this bear market, we are doing a profitable business." Binance is known not to publicly disclose its financial performance; However, in the past, she has provided several clues suggesting that the business is financially secure.
In the summer of 2018, Binance's CEO and founder, Changpeng Zhao ("CZ"), revealed that the stock market's revenue for the first half of 2018 was about $ 300 million. It also predicted at the time that net income would reach between $ 500 million and $ 1 billion by the end of the year.
It is estimated that Binance made a profit of $ 446 million last year. It was also estimated that Binance's ICO offering in 2017 had enabled the company to raise $ 15 million for 100 million Binance Coin (BNB) out of a total bid of $ 200 million. In addition, as part of maintaining its currency, Binance uses 20% of its net profits to buy BNB and eventually destroy 100 million BNB tokens, according to the white paper.
Technical examination – NBB
BNB / BTC daily chart.
Given recent price developments, there are several bearish confluences to support the southern bias. A hike took place in such a short time, which resulted in the price entering the overbought territory. Elsewhere, as noted earlier, the NBB / BTC is playing on the manual after double-top training. The downward pressure could quickly increase the pace considerably, eyes down to the possible cleavage of the technical boss.
In terms of support, the range of 0.0014000 to 0.0012 000 USD, which is the comfort potential of the neckline, is part of the double-top manual model. A failure of this holding could lead to a fall to 0.0008410, the lowest of March 2018.
Daily chart BNB / USDT.
Looking at BNB / USDT, buyers have experienced a mbadive supply, getting closer to the $ 10,000 psychological mark. The price has not been comfortably negotiated above this level since October 2018. At the same time last week, the NBB / USDT managed to climb upwards thanks to a rising wedge model. It is possible to perform a new test of this level, thus completing the escape and the new test. Support will be sought just above the broken model, tracking around $ 7.4K.
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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