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Binance Coin forms a descending triangle above important support area 2023 gains are gone A break below $200 should trigger more weakness The US dollar is the month’s winner as it rallied against its peers and against major cryptocurrencies in September. Moreover, the strength appears to be more visible against cryptocurrencies. Take Binance Coin for example. It erased all its 2023 gains (and some more). It also formed a descending triangle right above horizontal support seen at $200. This is dangerous for bulls because, if broken, there is not much left to support the price until much lower. Bearish technical picture for Binance Coin Binance Coin made a double top pattern during the COVID-19 pandemic. Twice, it tried to break above $700, without success. Since then, however, it was all downside. The scandals in the cryptocurrency industry surely did not help. After all, FTX went busted, trust was lost, and many chose to leave the industry altoget...

Bitcoin traders are particularly interested in the short-term holder cost basis as a potential BTC price support level. Bitcoin (BTC) shed 2% into the start of August as traders’ expectations of further downside slowly came true.  BTC/USD 1-hour chart. Source: TradingView Bitcoin short-term holder breakeven point in focus Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory leaning lower at the July monthly close. Volatility was already anticipated, and BTC/USD did not disappoint after a week of barely any movement whatsoever. Bulls, however, were left in the cold. For popular trader and analyst Rekt Capital, the close price was significant, but demanded that buyers now step in to protect the trend. Commenting on a chart showing relevant levels and Bitcoin’s potential moves, he flagged $29,250 as the line in the sand. “Instead of BTC Monthly Closing above the ~$29250 level (black)... $BTC printed a Monthly Close marginally below the ~$29250 level. BTC nee...