Binance Coin Analysis – Resistance Levels in Play – 12/06/19

Binance Coin is on the move this morning. Following a recovery from Sunday’s sell-off, support from the broader market could lead to $34 levels.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin Price Resistance

It’s been a mixed start to the week for Binance Coin. A bearish Sunday saw Binance Coin slide by 5.34% before finding support. The Sunday reversal came off the back of a 4.48% fall in the week ending 8th June.

The Sunday sell-off saw Binance coin fall to a Monday current week low $29.61 before recovering.

Rallying from an early Monday current week low $29.61, Binance Coin rallied to an early Tuesday high $32.31 before easing back.

Binance Coin was up by just 0.5% to $32.00 for the current week, Sunday through Tuesday.

In spite of the choppy start to the week, Binance Coin left the major support and resistance levels untested.

Of greater significance, however, was a recovery through the 23.6% FIB of $30.5 following Sunday’s sell-off.

Following a 41.5% rally in May and April’s 30.3% gain, it’s been a mixed start to the month of June.

Since late May’s swing hi $38.65, Binance Coin has touched $28 levels before finding support. The 23.6% FIB has continued to provide support to limit the downside.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact. Binance Coin is up by 406% year-to-date, with Binance Coin continuing to avoid a slide through to the 38.2% FIB of $25.5.

For the bulls, steering clear of sub-$28 levels will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was up by 5.28% to $33.69.

 

For the remainder of the week

A hold above $31.5 levels through the week would continue to support upward momentum for the remainder of the wee.

Following this morning’s early rally, a move through to $34 levels would bring the first major resistance level at $34.82 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $34 levels.

Barring an extended broad-based crypto rally through to the weekend, Binance Coin will likely come up short of the late May swing hi $38.646. The second major resistance level at $37.80 would limit the upside in the week.

In the event of a crypto rally through to Friday, Binance Coin could eye $40 levels before any pullback.

Failure to move through to $34 levels could see Binance Coin come under pressure over the remainder of the week.

A pullback through to $31.5 levels would bring sub-$30 levels into play before any recovery.

Barring a broad-based crypto reversal, however, Binance Coin would likely steer clear of the first major support level at $28.46.

In the event of a crypto meltdown, Binance Coin could visit $27 levels before any recovery.

We would expect the 38.2% FIB of $25.5 and second major support level at $25.08 to be left untested through the week.

Looking at the Technical Indicators

Major Support Level: $28.46

Major Resistance Level: $34.82

23.6% FIB Retracement Level: $30.5

38.2% FIB Retracement Level: $25.5

62% FIB Retracement Level: $17.3

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