Binance has formed higher lows and slightly higher peaks to create a rising wedge pattern in its 1 hour time period. The price is currently above its formation and buyers may try a higher break.
The SMA of 100 is above the 200 long-term SMA to confirm that the path of least resistance is on the upside. In other words, resistance is more likely to break rather than hold or support is more likely to keep than to break. The 200 SMA dynamic support also aligns with the bottom of the wedge to increase its strength as a floor.
Even the gap between the moving averages widens to signal a greater bullish momentum. However, RSI is moving down so that sellers could still have the upper hand for now. In this case, another support test may be in progress, although it is worth noting that the 100 SMA dynamic support is near.
Even the Stochastic is coming down, so Binance could follow the example, but this oscillator is already approaching the oversold levels to reflect the exhaustion between sellers. In this case, the bulls might be eager to load and push the price over the top of the wedge, possibly leading to a climb that is the same height as the graph model.
Binance remained supported while bitcoins and peers still find themselves on rocky terrain. However, another push could be waiting, as Goldman Sachs confirmed that they could consider the custody offer for the encrypted funds. If this were the case, it could mean a great boost in investments in the sector, probably being more positive for the bitcoin compared to Binance itself.
Again, Binance has some factors to support, one of which is the news that UPbit was eliminated after investigating the South Korean cryptocurrency exchange. This could renew the support for the Binance platform itself and its exchange-based token.