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A popular cryptocurrency analyst and trader has expressed short-term bearish sentiment on Binance Coin (BNB) and one Ethereum (ETH) competitor.
Starting with Binance Coin, pseudonymous analyst Smart Contracter To tell His 219,100 Twitter followers say the fifth-largest crypto asset by market cap could plunge about 12% from current levels.
From the chart, traders who apply Elliott Wave theory to technical analysis see Binance Coin completing a 5-wave bullish pattern, 61.8% above the Fibonacci level from its year-to-date high of $323.
“In my opinion, BNB down to the $265 low is definitely eyeing shorts if it bounces back after the close of each day.”
Binance Coin is trading at $300 at the time of writing.
Next is Ethereum rival Avalanche (AVAX). According to Smart Contracter, Avalanche correct After completing a five-wave bullish pattern, it rose by up to 30% in February.
From Smart Contracter’s chart, it looks like Avalanche could fall just below $14. This is an area coinciding with the 61.8% Fibonacci level from the year-to-date high of $18.97.
“Lots of ‘majors'” [large cap crypto assets]if we can call it that, now I’m doing a nice, clear 5-wave rise every day, if not all, but enough.
AVAX is what I believe could start pulling back 25-30% within the next month.
I hate being the bearer of bad news, but that’s the reality. “
Avalanche is trading at $17.34 at the time of writing.
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