The ascending triangle’s breakout move on the Binance Coin chart has been truncated by the latest in the regulatory saga facing the Binance exchange. Poland is the newest country warning its citizens not to transact with the exchange.
In a statement published by the Polish Financial Supervision Authority (PFSA), the agency said the exchange was not regulated and therefore not subject to the agency’s supervision.
Regulators in Germany, Japan, UK, Thailand and Cayman Islands have all issued warnings against Binance. However, the Polish authorities have not taken further steps such as restricting deposits or withdrawals. However, the announcement appears to have spooked investors, whose selling action seems to have increased bearish Binance Coin price prediction bets.
Technical Levels to Watch
The downside move of Thursday found support at the 314.94 price mark. If this level breaks down, 278.12 could become the next target. Below this level, a further decline draws in 249.72 as another potential target to the south.
On the other hand, a bounce on the 314.94 support allows for a potential recovery towards 333.89. Continuation of such an advance allows 357.04 and 379.84 to serve as additional targets to the north.