Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/01/20

Binance Coin tested resistance levels early in the week. A move back through to $13.8 levels would bring $14 levels back into play…

Binance Coin Price Resistance

The first half of the week was a mixed one for Binance Coin.

It was a bullish start to the week, however. Binance Coin rallied from a Sunday current week low $13.54 to a Monday current week high $14.37 before hitting reverse.

Binance Coin broke through week’s first major resistance level at $14.19 before sliding back to sub-$13.60 levels on Tuesday.

Two consecutive days in the red reversed a 3.26% rally on Sunday to leave Binance Coin up by just 0.15% for the current week.

In spite of the reversal and Sunday low, however, Binance Coin managed to steer clear of the week’s first major support level at $12.98.

The near-term bearish trend remained intact, supported by a string of weekly losses and December’s swing lo $12.11. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.

The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before last week’s 2.5% gain. The reversal had included a 19.3% slide in the final week of November.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.61% to $13.75. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $13.62 to a high $13.84.

Binance Coin left the major support and resistance levels untested through the early part of the day.

For the remainder of the week

Binance Coin would need to move back through to $13.80 levels to bring the first major resistance level at $14.19 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $14.00 levels.

Barring a broad-based crypto rebound, the first major resistance level at $14.19 and current week high $14.37 would likely pin Binance Coin back in the week.

Failure to move through to 13.80 levels could see Binance Coin slide back into the red.

A pullback through the current week low $13.54 would bring the first major support level at $12.98 into play

Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.30.

Looking at the Technical Indicators

Major Support Level: $12.98

Major Resistance Level: $14.19

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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