Binance continues to cave to bitcoin strength and has fallen to the very bottom of its descending channel. Support looks ready to break as technical indicators show that sellers still have enough energy.
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse. The gap between the moving averages is also widening to reflect stronger selling pressure while the 200 SMA lines up with the channel resistance
This post is an exerpt of an original post published on Live Bitcoin News. All copyrights about images and text belong to their respective owners.Click the above button to read the original post.