Binance in troubled waters - Downside imminent

Crypto is NOT in a good space right now. The coins and infrastructure aren't the problems, but the exchanges who run them and facilitate the transactions.
I know crypto is the future and I'm super bullish in the long run. But right now, we need to protect ourselves from unnecessary scams and let the long winter play out until things start to be under control.
With Binance, I don't have great news.
CZ is under investigation of money laundering and the financials with it's practices.
We've seen over $3 billion from withdraws taking place from a $64 billion pool of money. This is more of a stroll on the banks, but it has set a precedent and the ramifications can be drastic in the near future.
With the US justice department and the FED having eyes on Binance since the FTX collapse and mismanagement, this isn't a confidence booster for investors.
We are in protection and preservation phase for crypto traders and I don't know who to trust to be honest.
Anyway, the chart is also showing strong downside.

M Formation formed over the last few months and the price is breaking down.
The Moving Averages are crossing down and the bias has officially become bearish.
My first target is $166.70.

Sorry for the grim analysis but price action does NOT work on feelings or gut.

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Timon
MATI TRader