Binance Coin Mid-Week Analysis – Resistance Levels in Play – 04/03/20

It’s a mixed start to the week. A move back through the current week high $20.52 would bring resistance levels into play later in the week.
Binance

Binance Coin Price Resistance

It’s been a mixed start to the week for Binance Coin, which saw 2-days in the red out of the 3 through the start of the week.

A bearish start to the week saw Binance Coin fall to a Sunday current week low $18.41 before finding support.

While steering clear of the first major support level at $16.74, Binance Coin fell through the 23.6% FIB of $18.8 before finding support.

A 5.45% rally on Monday reversed a 1.69% fall from Sunday, leading Binance Coin to a Tuesday current week high $20.52.

Whilst falling well short of the first major resistance level at $22.64, Binance Coin broke back through the 23.6% FIB.

A bearish Tuesday limited the upside for the current week, however. Binance Coin fell by 1.32% to return to sub-$20 levels, leaving Binance Coin up by just 2.32% for the current week.

The near-term bearish trend remained intact in spite of the upward trend, supported by the late 2019 reversal and December’s swing lo $12.11.

It’s been a bullish start to the year, however, with Binance Coin up by 44.1% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 2.76% to $20.22. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $19.58 to a high $20.29.

In spite of the bullish start to the day, Binance Coin continued to leave the major resistance levels untested.

For the remainder of the week

Binance Coin would need to break back through the current week high $20.52 to bring the first major resistance level at $22.64 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through the 38.2% FIB of $22.90.

Barring a broad-based crypto rebound ahead of the weekend, Binance Coin would likely come up short of $23 levels.

In the event of an extended rally going into the weekend, Binance Coin could revisit last week’s high $23.55 before any pullback.

Failure to break back through to $22.52 levels could see Binance Coin fall back into the red.

A pullback through to sub-$20.14 levels would bring the first major support level at $16.74 into play.

Barring an extended crypto meltdown, however, Binance Coin should steer clear of sub-$18 levels. The 23.6% FIB of $18.8 and the current week low $18.41 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $16.74

Major Resistance Level: $22.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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