Binance Coin Mid-Week Analysis – Resistance Levels in Play – 02/12/20

It’s been a choppy start to the week. Failure to move back through the week’s pivot level would bring a reversal into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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

Binance Coin rose from a Sunday current week low $28.30 to a Monday current week high $33.07.

While falling short of the first major resistance level at $35.32, Binance Coin broke through the 23.6% FIB of $29.7.

A particularly bearish Tuesday, however, saw Binance Coin slide back through the 23.6% FIB to visit sub-$29 levels.

Finding support late in the day on Tuesday, however, Binance Coin recovered to $30 levels. The recovery saw Binance Coin break back through the 23.6% FIB.

For the current week, Sunday through Tuesday, Binance Coin was up by 3.60% to $30.22.

2 days in the green out of 3 that included a 4.55% rally on Monday delivered the upside.

The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $18 would form a near-term bearish trend.

It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 121.4%.

At the time of writing, Binance Coin was up by 0.29% to $30.22. A choppy start to the day on Wednesday saw Binance Coin slide to an early morning low $29.49 before rising to a high $30.71.

While continuing to steer clear of the support and resistance levels, Binance Coin tested support at the 23.6% FIB of $29.7.

For the remainder of the week

Binance Coin would need to move back through the pivot level at $30.71 to bring the first major resistance level at $35.32 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $33.07.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at the previous week’s high $36.83. The second major resistance level sits at $41.43.

Failure to move through the $30.71 pivot level would bring the 23.6% FIB of $29.65 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of the 38.2% FIB of $25.21. The second major support level sits at $24.60.

Looking at the Technical Indicators

Major Support Level: $24.60

Major Resistance Level: $35.32

23.6% FIB Retracement Level: $29.7

38.2% FIB Retracement Level: $25.2

62% FIB Retracement Level: $18.0

Most Recent

Top Articles