Binance Coin Analysis – Resistance Levels in Play – 27/03/19

Following 7 consecutive weeks in the green, it’s been a bearish start to the week. A bull run today could restore confidence and bring $18 levels into play.
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Binance Coin Price Resistance

It’s been a bearish start to the week for Binance Coin. Following last week’s 8.75% rally and new swing hi $17.806, it was 2-consecutive days in the red.

For the current week, Monday – Tuesday, Binance was down 5.65%. Pulling back from Sunday’s new swing hi, Binance fell from a start of a week high $17.59 to a Tuesday low $15.63.

Falling well short of the week’s first major resistance level at $18.70, Binance came within range of the first major support level at $15.07 before finding support. Recovering through the afternoon on Tuesday, Binance moved back through to $16 levels.

The near-term bullish trend, formed at early December’s swing lo $4.17, remained firmly intact. Binance continued to hold well above the 23.6% FIB Retracement Level of $14.6, following Sunday’s swing hi $17.806.

It’s been quite a start to the year for Binance, which has rallied by 158% year-to-date. Of particular significance is the fact that, out of the top-10 cryptos, Binance is the only coin that has managed to form a bullish trend.

At the time of writing, Binance was up 0.92% to $16.504. A choppy start to the day saw Binance slide to a morning low $16.03 before making a move.

Steering clear of the week’s first major support level at $15.07, Binance rallied to a morning high $16.75 before easing back. Binance also came up short of the week’s first major resistance level at $18.7 in the early hours.

For the remainder of the week

A move back through last weeks high $17.806 would support a breakthrough to $18 levels in the week. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.70.

In the event of a broad-based crypto rally, Binance could break through to $19 levels before any pullback.

Failure to move back through to last weeks high $17.806 could see Binance slide further back in the week. Following 7-consecutive weeks in the green, a lack of momentum could see profit taking pin back any further gains.

A fall through $16.5 levels could bring $15 levels into play before any recovery. In the event of a broad-based crypto sell-off, we would expect Binance to test the first major support level at $15.07 before any recovery.

We would expect Binance to steer clear of sub-$15 support levels, however, in the event of a sell-off.

Looking at the Technical Indicators

 

Major Support Level: $15.07

Major Resistance Level: $18.70

23.6% FIB Retracement Level: $14.6

38.2% FIB Retracement Level: $12.6

62% FIB Retracement Level: $9.4

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