Binance log in issues raise red flags again.
As reported by Adam earlier (and Finance Magnates), there is a login issue at Binance and it has created more fears about a hack (or other liquidity fears).
The price earlier was trading just above $7000. It is now trading to new session lows at $6766. The price is currently at $6779.17.
Technically, yesterday the price corrected above the 200 hour MA (green line) but when it approached the 38.2% retracement of the move down from the March 21 high, the sellers stalled the rise. The fall back below the 200 hour MA was met with selling momentum. The price stalled around the 100 hour MA (blue line) but over the last few hours has seen more momentum to the downside. The price is moving away from the key hourly MA levels.
The lows from March 30 at $6600 and April 1 at $6450 are targets on increased selling pressure.
The buyers had their shot. The price moved above the 100 and then 200 hour MAs. However, the failure against the 38.2% and the fall back below the broken moving averages spooks longs. Add the fundamental fear and that leads to the longs giving up. Bears back in control.
PS, Remember the 50 day MA crossed the 200 day MA earlier in the week. The Death Cross is a bearish development and that may also be weighing on the market.
