Binance Coin Mid-Week Analysis – Resistance Levels in Play – 06/11/19

It’s a bullish start to the week. Binance Coin continues to struggle at the 23.6% FIB, however. A move back through to $21 levels would signal a bounce.
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Binance Coin Price Resistance

A bearish start to the week saw Binance Coin fall to a Sunday current week low $19.72 before finding support. Binance Coin steered clear of the first major support level at $18.24 at the start of the week.

Off the back of a 0.13% loss on Sunday, Binance Coin rallied to a Monday current week high $21.11 before easing back.

Supported by a 2.33% gain on the day, Binance Coin broke through the 23.6% FIB of $21. In spite of the upside, however, Binance Coin fell short of the first major resistance level at $21.76.

A choppy day on Tuesday saw Binance Coin test resistance at the 23.6% FIB of $21 again before easing back.

A modest 0.12% gain on the day supported a hold onto $20 levels going into the middle of the week.

The recovery from a bearish start to the week left Binance Coin up by 2.32% for the current week, Sunday through Tuesday.

The near-term bearish trend remained intact, in spite of 4 consecutive weeks in the green and the positive start to the week. Binance Coin continued to struggle at the 23.6% FIB of $21.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.20% to $20.65. A mixed start to the day saw Binance Coin fall from an early morning high $20.75 to a low $20.47.

Binance Coin continued to leave the major support and resistance levels untested.

[fx-image src=https://www.tradingview.com/x/4EeRPPdq/ originalWidth=814 ratio=1.32 data-zoom-target=https://www.tradingview.com/x/4EeRPPdq/]

For the remainder of the week

Binance Coin would need to break back through the 23.6% FIB of $21 to support a run at the first major resistance level at $21.76.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $21.31.

Barring an extended rally into the weekend, Binance Coin would likely come up short of the second major resistance level at $23.29.

Through the middle of the week, Binance Coin will need to hold on to $20 levels to support the upward momentum.

Failure to move back through the 23.6% FIB could see Binance Coin come under pressure.

A pullback to sub-$20 levels would bring the $18 levels into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer clear of the first major support level at $18.24.

Looking at the Technical Indicators

Major Support Level: $18.24

Major Resistance Level: $21.76

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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