Binance previously broke below a long-term uptrend trendline visible on his daily chart, signaling that an important downward trend is underway. The price is in the middle of a pullback, though, but the Fibers levels could keep gains under control around the areas of interest.
In particular, the 50% level aligns with the broken trend line around the 0.0020 level and may be enough to push the price down. However, the 100 SMA is still above the 200 long-term SMA to signal that the path of least resistance is on the upside or that the rally is still likely to recover.
The price has found support for the dynamic inflection point of 200 SMAs after all and seems to pass over 100 SMA. In that case, there may still be some return of bullish pressure.
RSI is also going higher so that Binance can follow the example. A move of over 61.8% of Fib could be enough to signal that the bulls are winning and the uptrend is gaining traction. Even the Stochastic is moving towards the top, but is plunging into the overbought territory to indicate exhaustion and a possible return to bearish pressures
Binance has raked up some gains as it exploits the weakness of bitcoin. He received support from the news that UPBit, one of the most important cryptocurrency exchanges in South Korea, was liquidated after investigations.
Binance also had a boost when CEO Changpeng Zhao made it clear that they are not in competition with Coinbase. Previously, Binance acquired Trust Wallet, a decentralized cryptographic service that also includes a browser for dApps, which Zhao also made clear that they are planning to maintain it as an independent product line.
In the same interview with Fortune Magazine, Zhao also mentioned:
"In developed markets, there is more money to be made but more regulation and it is saturated with competition, we do not want to compete with Coinbase and Gemini. strategy requires many lawyers and lobbying activities. "