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Bitcoin’s slide down from $61,400 over the past 24 hours has also been mirrored in the altcoin sector. Binance Coin, Ethereum Classic, and Ontology saw short-term sales pressure increase and everything went down on the charts.
Binance Coin [BNB]
Binance Coin has been traded on a descending channel for the past 40 hours. The previous day, after Bitcoin reached the ATH and BNB soared past the $277 mark and touched $284, the coin was knocked down then rose again to $281. However, the bulls have not been able to push rates higher and the sellers have since been able to dominate the order books.
At the time of publication, the price was $260 and was likely to go to the $257 amount of funding. The OBV showed a floor based on the previous test of the $257 level of support (white) and this line, in addition to the support level, will provide a hint as to a further breakdown for BNB should it still collapse past $257.
Ethereum Classic [ETC]
Ethereum Classic closed an hourly trading session at $14.31 to form a local high and formed a descending channel to hit $13.6, and the trend was like a bullish flag. However, ETC continued to record losses and the trend was invalidated when the price decreased by more than a third of the length of the flagpole.
$12.46 of funding should be assumed to stay until Bitcoin has a decline below $58900. The RSI jumped below the neutral 50 and remained there to demonstrate the bearish momentum.
The new trading session saw a candle close at $1.05 with a tiny lower wick. Repeated tests at the $1.14 mark have yielded no positive results for the bulls, and the trend has favoured the sales side over the last few hours.
The Chaikin Money Flow was in neutral territory, suggesting that amid revenue pressure, the nett cash flow was not yet out of the ONT markets. The MACD built a bearish crossover below the zero line and the next level of support at $1.01 is likely to be checked shortly.