Binance Coin Analysis – Support Levels in Play – 17/07/19

Binance Coin finds support early but will need to move through to $27 levels to ease the pain…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin Price Support

It’s been a particularly bearish start to the week for Binance Coin. A bearish Sunday saw Binance Coin slide from a current week high $32.34 to $27 levels before finding support.

Following a 9.33% slide on Sunday, Binance Coin managed to recover to $31 levels on Monday before hitting reverse.

A 12.68% slide on Tuesday, following a 0.17% rise on Monday, saw Binance Coin fall to a  $24 levels

Binance Coin managed to recover to $25 levels late in the day.

Falling well short of the week’s major resistance levels, Binance Coin fell through the first major support level at $26.76.

Of greater significance was a fall through the 38.2% FIB of $28.

Following 5 consecutive months in the green, it was a bearish June and it’s been a particularly bearish July.

A current week loss of 20.71% has led to a 21.56% loss for the current month.

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

Binance Coin is up by 295% year-to-date, with Binance Coin managing to steer well clear of the 62% FIB of $19.

For the bulls, steering clear of sub-$20 levels will be key to maintaining the upward momentum.

At the time of writing, Binance Coin was up by 2.01% to $25.51.

Choppy through this morning, Binance Coin fell to a current week low $24.15 before recovering to $25 levels.

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For the remainder of the week

Binance Coin would need to move back through the first major support level at $26.76 to signal a possible rebound.

For a full circle, however, Binance Coin would need to break through to $31.8 levels to support a move back into the green.

Binance Coin would need the support of the broader market, however, to break out from $27 levels.

In the event of a broad-based crypto rebound, last week’s high $36.95 and first major resistance level should limit any upside on the week.

Failure to move back through the first major support level could lead to heavier losses on the week.

A fall through a current week low $24.15 would bring the second major support level at $22.01 into play.

Barring another crypto meltdown ahead of the weekend, however, Binance Coin should steer clear of the 62% FIB of $19.

Looking at the Technical Indicators

Major Support Level: $26.76

Major Resistance Level: $36.61

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

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