The crypto winter continues – While exchange platforms continue to lay off, like Kraken or Bybit, Coinbase should see its revenue drop by 50% compared to last year. Technically, Coinbase is on the brink, a price drop could happen quickly. Another drop for Coinbase would show the total disinterest of institutional players in cryptocurrencies. that Bitcoin remains firmly below $17,000, Ethereum below $1,300 and the decline may not be over. In this context, could the token exchange sector embark on a new wave of decline?
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Binance Coin Daily Analysis
Buyers and sellers continue to neutralize each other. In fact, the Binance coin (GDP) is in a tidy between $330 and $215. that intermediate bracket for $260 are strongly defended by buyers, but will they be able to last long?
Buyers had the option to level up institutional bias (EMA 9/EMA18) but they seem to be falling asleep. Hence a return to 260 USD is conceivable. For buyers, it will first be necessary to hold the last low at $250and then mark a higher one, above $317. To definitely leave this zone of tidyit will be necessary to restart the bullish momentum on a weekly basis and achieve a close above $398.
Please note that sellers have the ability to verify fragility latest by marking a new low below $250. In that case, the intermediate support would resistanceand the price could reach the bottom of the range at $215. The bottom of the row has been hit several times, it may end up giving way…
Momentum shows support at 39 of RSI. To confirm a change in momentum, we await the close above 59.
Faced with Bitcoin, the situation does not change much. The trend continues bullish currently :
that institutional bias still points upwards and the probability points towards a jump of the BNB/BTC pair. Be careful, buyers need to show up quickly to avoid a change in momentum against Bitcoin. Momentum is showing signs of fragilityas the RSI is dangerously below bearish trend line. If the outbreak is confirmed, it would be the first bearish signal which can lead to a range. It will be necessary to wait for a change in dynamics at the level of the track to talk about the top of this pair.
Imminent fall for Coinbase?
that bear market is raging in cryptocurrencies and bad news is pouring in every day. As explained in the introduction to this edition, it is Coinbase that should see its revenues decline in 2022. This is not really a surprise given the situation, but it shows that the sector is still crazy.
We talked about it last weekdid the sellers have the opportunity to regain control of this asset which is in a tidy since May. This is indeed the scenario bearish which seems to take shape:
On the graph, we can see the different scenarios set up last week. Since then the course has been dismiss on a level with resistance at $48, and the price hit a new low. The situation seems complicated, it downward trend appears to restart on this asset. Institutional bias is bearishcould he do resistance in the coming weeks.
The RSI may continue to decline in the coming weeks. The dynamic is bearishand momentum could confirm this momentum by closing below 37 of RSI. Coinbase price is interesting to analyze because it can provide information about institutional actors. Currently, the cryptocurrency sector does not seem to interest these players. It will probably be necessary to find the Coinbase action bullish to find the progress of the cryptocurrency market. Unfortunately, the crypto winter does not seem to be over…
OKEx Platform Token Stumbles Against Weekly Resistance
Buyers have the opportunity to change the momentum of this asset. Currently, buyers are blocking the mod weekly resistance and bearish trend line :
The bearish trend line and the weekly resistance are blocking OKB’s path for now. Institutional bias is bullish, a rebound can still occur at this level. However, given the current environment, buyers at the bottom of the range are likely to take surplus at the level of the top of the row at 22 USD. It will probably take a return to the level of mid mount at $16 to regain strength on the buyer side.
Momentum, on the other hand, appears to be returning to the level of bullish trend line. It will take a recovery on the level of the latter in order not to destroy the current dynamics.
No matter what happens, it will be necessary to break bearish trend line and close above 24 USD to change dynamics to weekly. As long as the price is below the bearish trend line and below $24, sellers have the opportunity to regain control.
Against Bitcoin is OKB bullish and lies by one support :
Now is the time to act on the buyer side. The course is on par with support and on institutional biaswe had to see one jump and a new high for the OKB/BTC pair. If the sellers show up, the momentum can change on a daily basis.
The progress confirms one bearish divergence. After the divergence, the movement lost momentum and a tidy Setup. To know the resolution of this area, it will be necessary to wait for a new high or a new low.
Binance Coin seems to be heading back to the intermediate support level of $260. Be careful not to mark a new low below $250 as this will confirm the change in short-term momentum. Coinbase marks a new low, sellers appear to be in control of this asset. Coinbase sees revenue drop, traders take advantage to punish the price, and it may not be over. OKB remains strong, but dual resistance rejects price action for now. Traders are likely to take profits, a break and a comeback to $16 is on the table for the OKEx platform token.
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