Binance Coin has formed lower highs and higher lows to create a symmetrical triangle pattern on its 1-hour chart. Price is approaching the peak of the formation to signal that a breakout is due soon.
The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, resistance is more likely to break than to hold. If that happens, Binance Coin could climb by the same height as the triangle, which spans 13.500 to 15.750. The 100 SMA is currently holding as dynamic support also, but the gap between the moving averages is narrowing to reflect weakening bullish momentum.
RSI is heading south to show that sellers have the upper hand and could continue to stay in control until oversold conditions are seen. The oscillator is just crossing the center line, so there’s plenty of room to head south and Binance Coin might follow suit.
Stochastic is also on the move down to confirm the presence of selling pressure. This oscillator has a bit of ground to cover before indicating…