Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/04/20

It’s been a mixed week for Binance Coin. Failure to break out mid-week could see early gains reverse ahead of the weekend…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin fell to a Monday current week low $11.03 before finding support.

Steering clear of the first major support level at $10.69, Binance Coin struck a Monday current week high $12.85.

Falling well short of the first major resistance level at $13.64, Binance Coin eased back to sub-$12 levels.

Support in the week, however, prevented a slide back to the current week low. 2 consecutive days in the green reversed a 7.59% slide on Sunday.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.45% to $12.56.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and last week’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, with Binance Coin was down by 7.99% year-to-date.

The 1st quarter slide came from a 34.72% tumble in March, with Binance Coin sitting well below a current year high $27.51.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.13% to $12.58. A mixed start to the day on Wednesday saw Binance Coin slide to an early morning low $12.14 before striking a high $12.73.

Binance Coin continued to steer well clear of the major support and resistance levels.

For the remainder of the week

Binance Coin would need to break back through the current week high $12.85 to support another run at the first major resistance level at $13.64 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through last week’s high $13.54.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13.5 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.

Failure to move back through the current week high $12.85 could see Binance Coin hit reverse.

A pullback through to sub-$12.10 levels would bring the first major support level at $10.69 into play.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of sub-$10.00 support levels.

Looking at the Technical Indicators

Major Support Level: $10.69

Major Resistance Level: $13.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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