Examining Binance’s Impact on Bitcoin’s Price Decline
Nidhi Kolhapur18 Sept 20232 min read
Popular analyst Credible Crypto has pointed out that on Binance, the stacked bids have been removed, and new sell orders have taken their place, tilting the order book in favor of sellers above buyers below. This situation suggests caution, especially considering Bitcoin’s recent highs of around $27,000.
He suggests that if Bitcoin goes just below $26,000, it might be a good time to turn positive again for a potential rebound. He also mentioned that $28,100 isn’t a strong resistance level, with $27,000 being the more significant one to watch.
He wrote, “We were right to be cautious at the 27k highs, the path of least resistance (in the short term) remains down. Again, target just under 26k’s as an ideal downside target, at which point I think it makes sense to become bullish again for a reversal.”
According to a new video by Crypto World, Bitcoin’s recent changes have been minimal. It’s still holding above an important support zone, roughly between $24,300 and $25,300. Some indicators suggest a possibility of a bullish trend, especially the Relative Strength Index (RSI), which has shown promise. Bitcoin is currently forming a falling wedge pattern, which often leads to a bullish breakout if it manages to break above $26,700.
Daily indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), offer indications of potential bullish momentum. Notably, the RSI has experienced a breakout, suggesting the possibility of a trend reversal.
What about Ethereum?
Ethereum is locked in a battle with a crucial resistance level between $1,620 and $1,660. Daily indicators also hint at a potential bullish reversal, with a notable bullish divergence in play. To confirm a bullish trend, Ethereum needs to break through the $1,660 resistance and turn it into solid support.
Here are the key points:
- Bitcoin has support around $26,000 and faces resistance near $26,900.
- Ethereum’s support zone is roughly between $1,510 and $1,520, with resistance at $1,630 to $1,640.
