Binance (BNB/BTC) Technical Analysis for 04/12/2018 – Get Ready for a Breakout!

Binance has formed lower highs and higher lows to create a symmetrical triangle pattern visible on its 1-hour time frame. Price is currently testing resistance and could be due for another move back to support.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. The 200 SMA has also held as dynamic resistance since it lines up with the top of the triangle. So far, the 100 SMA is holding as dynamic support, though.

Stochastic is on its way down to signal that sellers have the upper hand and could take price back down to support or perhaps even a break lower. RSI is also turning lower as well so Binance could follow suit.

The chart pattern spans 0.00168 to 0.00188 so the resulting selloff could be of the same height. Similarly, a break past the triangle resistance could lead to a rally of the same size.

Bitcoin has lost some ground against its counterparts early in the week as the looming tax deadline prompted profit-taking. In contrast, Binance seems to have shrugged off the news of being told to cease operations in Japan and Hong Kong.

The exchange is moving operations to Europe, likely in Malta as shared by its founder Zhao Changpeng.

“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals.”

This was received warmly by Joseph Muscat, Prime Minister of Malta, as he mentioned on Twitter:

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