【Think a 45% drop means it’s time to buy the dip? A market veteran explains the value trap】
A lot of people see BNB nearly cut in half from its high and their eyes light up—“Isn’t it cheap now?”
Cheap? That’s exactly what I thought when I got stuck holding the bag in 2017.
Here’s where things stand now: the price is hovering around $750, with resistance at $767 and support at $722. It’s down nearly 5% over the past seven days, but today it’s bounced back slightly, up 1.8%. Looks like the dip might be an opportunity, right? But have you noticed the trading volume? It’s pitifully low.
What does that tell us? The bulls are running out of steam, and so are the bears. Everyone’s waiting to see who makes the first move.
If you ask me what the signal is right now, I’ll be honest: I can’t tell. That’s not a cop-out; it’s the truth. A directional move may be coming, but the market hasn’t picked a clear direction yet. When prices move sideways on low volume, the last thing you should do is make up a story in your head and think, “It’s fallen so much, it has to go up.”
That’s exactly what I thought in 2017. You know how that turned out.
Here’s what I can tell you: if $722 holds, long-term buyers might start stepping in. If it breaks, we could be in for another stretch of choppy trading. But that’s not a reason to buy the dip—it just means you know which level to watch if you do decide to make a move.
I haven’t changed my position. It’s not that I’m bearish; I just don’t think the time is right yet. In a choppy market like this, you can talk a good game, but when it comes down to it, you’ll still get the urge to trade. Trust me, I know that feeling all too well.
How are you feeling about the market right now? Still waiting, or have you already gotten in?
A lot of people see BNB nearly cut in half from its high and their eyes light up—“Isn’t it cheap now?”
Cheap? That’s exactly what I thought when I got stuck holding the bag in 2017.
Here’s where things stand now: the price is hovering around $750, with resistance at $767 and support at $722. It’s down nearly 5% over the past seven days, but today it’s bounced back slightly, up 1.8%. Looks like the dip might be an opportunity, right? But have you noticed the trading volume? It’s pitifully low.
What does that tell us? The bulls are running out of steam, and so are the bears. Everyone’s waiting to see who makes the first move.
If you ask me what the signal is right now, I’ll be honest: I can’t tell. That’s not a cop-out; it’s the truth. A directional move may be coming, but the market hasn’t picked a clear direction yet. When prices move sideways on low volume, the last thing you should do is make up a story in your head and think, “It’s fallen so much, it has to go up.”
That’s exactly what I thought in 2017. You know how that turned out.
Here’s what I can tell you: if $722 holds, long-term buyers might start stepping in. If it breaks, we could be in for another stretch of choppy trading. But that’s not a reason to buy the dip—it just means you know which level to watch if you do decide to make a move.
I haven’t changed my position. It’s not that I’m bearish; I just don’t think the time is right yet. In a choppy market like this, you can talk a good game, but when it comes down to it, you’ll still get the urge to trade. Trust me, I know that feeling all too well.
How are you feeling about the market right now? Still waiting, or have you already gotten in?