Binance continues to trade inside its descending triangle consolidation on the long-term charts but seems to be attempting another break lower. Price is back at support around 0.00019 but has formed lower highs and lower lows.
The short-term moving average is below the long-term one on the daily time frame while stochastic heads south to indicate the presence of bearish pressure. A downside break of support could send Binance down to the lows at 0.000035 or lower.
On the 1-hour time frame, it can be noticed that Binance has formed lower highs against bitcoin since late last week, reflecting strengthening bearish pressure. The short-term moving average is also below the long-term one on this time frame while stochastic is pointing down as well.
On the 4-hour time frame, it can be seen that Binance has closed slightly below the near-term support at 0.000185. Similarly, the short-term moving average is below the long-term one while stochastic also points down.
Bitcoin has been skyrocketing to new highs and has reportedly breached $10,000 in a number of exchanges. Potential profit-taking at this area could lead to a dip, which might be positive for Binance.
Still, bitcoin remains dominant as Coinbase reportedly added 100,000 accounts late last week and the corresponding surge in retail activity has led to the creation of new all-time highs. Traders rushing to join in on this climb also contributed to propping price up.
Anticipation for the CME bitcoin futures launch is also in play as an announcement before the end of the year could ramp up investor interest. This would open the cryptocurrency to more traders that could cash in on gains.
As for Binance itself, it has been reported that Binance has entered into a strategic partnership with QUOINE, which is the first registered fiat-enabled exchange in Japan. It has officially received its license from the Japan Financial Services Agency and will be able to provide local currency exchange channels for Binance.
