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

Binance Coin is on the move mid-week, supported by a trend-bucking gain on Tuesday. The bulls will be eyeing a return to $38 levels…
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Binance Coin Price Resistance

It’s been a relatively bullish start to the week for Binance Coin. A bearish Sunday saw Binance Coin fall to a current week low $31.59 before finding support.

Steering clear of the week’s first major support level at $29.44, Binance Coin rallied to a Tuesday current week high $35.36 before easing back.

Two consecutive days in the green saw Binance Coin rise by 4.91% to $34.479 for the current week, Sunday through Tuesday.

The lion’s share of the games came off the back of a Monday 5.23% rally.

In spite of the bullish start to the week, Binance Coin left the week’s first major resistance level at $36.35 untested.

Of greater significance, however, was a hold above the 23.6% FIB of $30.5 following last week’s recovery from sub-$29 levels.

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

Bearish through the early part of the month, Binance Coin slipped from late May’s swing hi $38.65 to a June low $28.06 before finding support.

For the current month to Tuesday, Binance Coin was up by 5.06%.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact.

Binance Coin is up by 445% year-to-date, with Binance Coin managing to steer clear of the 23.6% FIB of $30.5.

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 1.15% to $34.88.

[fx-image src=https://www.tradingview.com/x/H2g7OUvA/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/H2g7OUvA/]

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For the remainder of the week

Binance Coin would need to avoid sub-$33 levels to maintain upward momentum through the week.

A move back through Tuesday’s high $35.37 would support another run at $36 levels on the week.

Binance Coin would need the support of the broader market, however, to take a run at the first major resistance level at $36.35.

In the event of a broad-based crypto rally, Binance Coin could take a run at $38 levels before any pullback.

Binance Coin would likely come up short of the second major resistance level at $39.89 in the event of a breakout.

Lack of support from the broader market could see Binance Coin struggle to move through to $37 levels. Last week’s high $36.52 and this week’s first major resistance level at $36.35 would cap any upside on the week.

Failure to avoid sub-$33.0 levels could see Binance Coin hit reverse. A fall through Sunday’s low $31.59 would bring $30.0 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Binance Coin would likely steer clear of the first major support level at $29.44.

In the event of a crypto meltdown, Binance Coin could touch $28 levels before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $29.44

Major Resistance Level: $36.35

23.6% FIB Retracement Level: $30.5

38.2% FIB Retracement Level: $25.5

62% FIB Retracement Level: $17.3

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