Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/07/20

It’s a relatively bullish start to the week. Binance Coin would need to move back through to $15.60 levels, however, to take arun at $16.
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Binance Coin Price Resistance

It’s been a relatively bullish 1st half of the week for Binance Coin.

Binance Coin rallied from a Sunday current week low $14.89 to a Monday current week high $15.77 before easing back.

Steering clear of the first major support level at $14.29, Binance Coin also fell well short of the first major resistance level at $16.45. The breakout did see Binance Coin move through the week’s pivot level at $15.60 before the pullback.

A mixed day on Tuesday saw Binance Coin ease back through the pivot to sub-$15.40 levels before finding support.

Avoiding a return to sub-$15 levels was key as the broader market struggled on the day on Tuesday.

For the current week, Sunday through Tuesday, Binance Coin was up by 1.79% to $15.39. 2 consecutive days in the green delivered the upside, while a 0.51% fall on Tuesday, limited early progress…

The near-term bearish trend remained intact, supported by the late 2019 reversal and mid-March’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, Binance Coin was up by just 12.75% year-to-date.

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 down by 0.23% to $15.35. A bearish start to the day saw Binance Coin fall from an early morning high $15.48 to a low $15.30.

Binance Coin steered clear of the major support and resistance levels in the early part of the day.

For the remainder of the week

Binance Coin would need to move back through the $15.60 pivot to support another run at the first major resistance level at $16.45.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $15.77.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.92 would likely cap any upside.

In the event of another breakout, the second major resistance level at $17.76 could come into play. Expect plenty of resistance at $17, however.

Failure to move back through the $15.60 pivot could see Binance Coin fall deep into the red.

A pullback through to sub-$15 levels would bring the first major support level at $14.29 back into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $14.29

Major Resistance Level: $16.45

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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