Binance Coin and ZCash Push Back Up After Finding Support
Cryptocurrencies went through one of the biggest crashes this week. It started over the weekend as a normal retreat during the massive bullish trend of this year. But, it soon turned into a crash which was even bigger than the crash in early 2018.
Bitcoin lost more than half its value from the top, as it fell to $30,000 while ZCash (ZEC) lost around 70% of its value, as it fell from above $370 to around $95. It pierced the 200 SMA (purple) on the daily chart, but that didn’t count as a real break since the candlestick didn;t close below it.
The price reversed higher today, after bouncing off that moving average yesterday, but another moving average has turned into resistance now. The 100 SMA (green) held during the first push from the buyers, but the price is still trading close to it, which means that the selling pressure is weak now. So, it seems like the 100 SMA will be broken soon, when buyers decide to have another go.
The 20 SMA Holds As Support for Binance on the Weekly Chart
BNB/USD moving higher today after finding support at the 50 weekly SMA
Binance coin also went through some major losses yesterday, as it fell from $690s to $280s. Here it’s the 20 weekly SMA (gray) which turned into support. This moving average was also pierced briefly yesterday on the weekly time-frame, but it held as support nonetheless, and today BNB/USD has moved higher. So, it seems like the crash is over here as well and now the larger bullish trend will likely resume again.
Binance Live Chart
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