Bitcoin’s slide down from $61,400 over the past 24 hours is reflected in the altcoin market as well. Binance Coin, Ethereum Classic, and Ontology saw short-term selling pressure on the rise and were all headed lower on the charts.
Binance Coin [BNB]
Binance Coin was trading within a descending channel over the past 40 hours. The previous day, as Bitcoin hit an ATH and BNB rose past the $277 mark and touched $284, the coin was pushed lower but rose once more to $281. However, the bulls were unable to drive prices higher and sellers were able to dominate the order books since.
At the time of writing, the price was $260 and likely headed to the $257 level of support. The OBV showed a floor based on the previous test of the $257 level of support (white) and this line, alongside the support level, can provide a clue about a further breakdown for BNB should it drop past $257 as well.
Ethereum Classic [ETC]
Ethereum Classic closed an hourly trading session at $14.31 to form a local high and formed a descending channel to reach $13.6, and the pattern resembled a bullish flag. However, ETC continued to register losses and the pattern was invalidated as the price dropped by more than a third of the length of the flagpole.
The $12.46 support can be expected to hold unless Bitcoin sees a drop beneath the $58900. The RSI moved below neutral 50 and stayed there to show bearish momentum held sway.
The most recent trading session saw a candle close at $1.05 with a tiny lower wick. Repeated tests of the $1.14 level yielded no positive results for the bulls, and the momentum favored the selling side over the past few hours.
The Chaikin Money Flow was in neutral territory, indicating that net capital flow was not yet out of the ONT markets despite selling pressure. The MACD formed a bearish crossover beneath the zero line and the next level of support at $1.01 is likely to be tested soon.
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