Binance, the crypto giant is being dumped
04 Nov 2022
Binance, the cryptocurrency exchange giant, is being dumped. Why am I saying that the all-mightly Chinese exchange is being dumped, and a substantial bearish correction is expected in the following months of 2022?
As supply and demand crypto traders, we should ignore everything they say in the media about cryptos, Binance and DeFi. There are forces that go beyond our control that actually move the markets. The Chinese exchange is not an exception. There is a clear downtrend on the monthly timeframe. We expect the bullish leg that started last June 2022 to end once the monthly supply imbalance at 395 is reached. Will that imbalance on BNB USDT be respected? Hopefully, this crypto has an obvious downtrend because the imbalance is quite strong.
Look at Binance’s supply and demand technical analysis in the monthly timeframe shared at Set and Forget online trading academy. There is much room for Binance to keep dropping until the demand imbalance is lower than 40. That’s what we are expecting.
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