Binance is still inside its descending triangle consolidation pattern against bitcoin and has just bounced off the resistance. Price looks ready for another test of support at 0.0002000 from here.
The short-term moving average is crossing below the long-term one on the daily time frame to indicate the presence of selling pressure. Stochastic is also on the move lower so Binance might follow suit. Stronger bearish momentum might even lead to a break of support and a corresponding long-term downtrend.
On its 4-hour time frame, Binance is also turning lower after breaking below a small consolidation pattern with support around 0.0002500. Volume is elevated to reflect investor interest and potentially stronger moves.
However, stochastic is already indicating oversold conditions on this time frame so a bounce or pullback might be due. If selling resumes, Binance could resume its drop to the lows at 0.0001800. The short-term MA has just crossed below the long-term one, after all, and a pullback could also draw resistance from these dynamic inflection points.
Lastly, on the 1-hour time frame, Binance has been on a steady fall and is currently staging a steeper selloff. Price looks prime for a pullback to the near-term broken support at 0.0002400, though, or up to the 0.0002500 mark.
Stochastic is also indicating oversold conditions to signal that sellers need a break. The oscillator is edging higher to suggest that bulls could take over for the meantime.
The short-term moving average is below the long-term one as well, indicating that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse. In the event of a quick correction, these moving averages might serve as dynamic resistance.
Bitcoin is starting to regain its footing against its peers as rival bitcoin gold was off to a shaky start and is struggling to gain network acceptance. If this keeps up, the core version could pop back up to recent highs against its peers or even establish new ones.