Binance Coin Mid-Week Analysis – Resistance Levels in Play – 05/08/20

It’s a relatively bullish start to the week. Avoiding sub-$22 levels could give Binance Coin a run at $25 levels.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been yet another mixed but bullish 1st half of the week for Binance Coin.

Binance Coin saw red on Sunday, falling by 3.18% before 2 consecutive days in the green on Monday and Tuesday.

The bearish start saw Binance Coin fall from a Sunday high $22.95 to a Sunday current week low $18.83 before making a move.

Coming up against the first major resistance level at $22.97, Binance Coin fell through the first major support level at $19.18.

More significantly, Binance Coin fell through the 38.2% FIB of $19.4 before striking a Monday high $23.02.

Moving back through the first major support levels and 38.2% FIB, Binance Coin broke through the first major resistance level at $22.97.

In spite of the 2 consecutive days in the green, however, the first major resistance level continued to pin Binance Coin back.

For the current week, Sunday through Tuesday, Binance Coin was up by 3.10% to $22.30. The two days in the green, that included a 5.36% rally on Monday delivered the upside.

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

It had been a particularly bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 63.37% 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 up by 3.04% to $22.98. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $21.96 to a current week high $23.39

Binance Coin broke back through the first major resistance level at $22.97 early on.

For the remainder of the week

Binance Coin would need to avoid a fall back through to sub-$22 levels to support a run at the second major resistance level at $24.29.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $23.39.

Barring an extended crypto rally, the second major resistance level would likely limit any upside.

In the event of another breakout, Binance Coin could test resistance at $25 before any pullback.

Failure to avoid a fall back through to sub-$22 levels could see Binance Coin give up the current week gains.

A fall through the pivot level at $20.50 pivot level would bring the 38.2% FIB of $19.40 and the first major support level at $19.18 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$21 levels.

Looking at the Technical Indicators

Major Support Level: $19.18

Major Resistance Level: $22.97

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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