Binance Coin Analysis – Resistance Levels in Play – 22/05/19

It’s been another spectacular week for Binance Coin. Holding onto $30 levels mid-week will be key to supporting further upside near-term.
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Binance Coin Price Resistance

It’s been a particularly bullish start to the week for Binance Coin. Following on from a 38.2% surge last week, Sunday through Saturday, Binance Coin has seen green for 3-consecutive days.

Binance Coin is up by 12.62% to $32.48 for the current week, Sunday through Tuesday.

Following a new swing hi $32.99 on Sunday, a 10.21% rally on Tuesday saw Binance Coin strike a new swing hi $33.58 before easing back to $32 levels.

The bullish start to the week saw Binance Coin steer well clear of the week’s first major support level at $21.97. Of greater significance was a move away from the 23.6% FIB following a Sunday current week low $25.39.

3 consecutive days and a double-digit rally on Tuesday saw Binance Coin break through the first major resistance level at $32.89.

Following a 30.3% gain in April, it’s been a particularly bullish month for Binance Coin. For the current month to the end of Tuesday, Binance Coin was up by 40.1%.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact. Binance Coin is up by 413% year-to-date, with Tuesday’s new swing hi $33.58 supporting further upside near-term.

For the bulls, steering clear of the 23.6% FIB of $27 will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was down by 2.4% to $31.704.

For the remainder of the week

A move back through to $32 levels and the first major resistance level at $32.89 would support a bullish 2nd half of the week.

Binance Coin would need support from the broader market, however, to break out from $32 levels on the week.

Following Tuesday’s rally, where Binance Coin outperformed the broader market, a lack of momentum across the majors would likely limit the upside in the coming days.

In the event of a pre-weekend crypto rally, Binance Coin would take a run at the second major resistance level at $36.94 before any pullback.

A lack of support from the broader market would likely leave Binance Coin at $30 levels by the weekend.

Failure to move back through the first major resistance level at $32.89 could see Binance Coin give up some of the current week gains.

A pullback through to sub-$30 levels could see Binance Coin test the 23.6% FIB of $27 before any recovery.

Barring a crypto meltdown, Binance Coin will likely steer well clear of the first major support level at $21.97.

For the bears, a slide back through to $25 levels would be the signal for a more material sell-off.

Looking at the Technical Indicators

 

Major Support Level: $29.0

Major Resistance Level: $34.8

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $22

62% FIB Retracement Level: $15

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