Binance (BNB/BTC) Technical Analysis for 06/11/2018 – Slow and Steady Downtrend
Binance is trading inside a descending channel as it formed reduced highs and reduced lows on this time frame. Price is presently testing the resistance and could fall back to the bottom soon.
However, the 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that the resistance is much more likely to hold than to break. For now, although, the 100 SMA is holding as dynamic resistance at the top of the channel.
RSI is on the move up to signal that bulls still have some power to push for much more gains, possibly a break past the resistance at .00215 to start off a reversal. Stochastic is also moving north so Binance may well follow suit, but the oscillator is also dipping into overbought territory.
Binance is in a position to take advantage of the drop in bitcoin lately as cryptocurrencies have been dragged down by news of a hack on a South Korean exchange. Coinrail tweeted over the weekend that only lesser-identified altcoins like Pundi X have been impacted by investors are a lot more wary of safety problems in the sector.
Also the ongoing probe into cryptocurrency value manipulation is also keeping traders on edge. Results indicating that bitcoin prices were manipulated would further hurt trust in the business and probably lead to much more liquidation in top altcoins.
Hold in mind that Binance is a native token of a single of the largest and more secure exchanges in the market, so it could hold on to gains and go for much more regardless of how altcoins execute general. Apart from that, Binance lately announced its partnership with Chillz as part of its venture to expand in the entertainment and gambling business.
ChiliZ is 1 of the branches of Mediarex, which is a enormous entertainment and sports business based in Malta.
Published at Mon, 11 Jun 2018 07:42:05 +0000