Binance Coin Mid-Week Analysis – Resistance Levels in Play – 08/04/20

It’s a bullish start to the week, with resistance levels in play. Mid-week support will be key, however, to avoid a reversal going into the weekend.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was a bearish start to the week, with Binance Coin falling to a Sunday current week low $13.30 before finding support.

Steering clear of the first major support level at $11.81, Binance Coin rallied to a Tuesday current week high $15.57.

Off the back of a 0.90% fall on Sunday, Binance Coin rallied by 11.32% from Monday to Tuesday’s high.

Binance Coin broke through 23.6% FIB of $14.4 and the first major resistance level at $15.02 before easing back.

A 3.35% fall on Tuesday saw Binance Coin back through the first major resistance level to sub-$15 ahead of a Wednesday breakout.

For the current week, Sunday through Tuesday, Binance Coin was up by 6.44%. 2 days in the red from 3 partially offset Monday’s rally.

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

It’s had been a relatively bullish start to the year before the 1st quarter sell-off. Having been up by as much as 101% year-to-date, Binance Coin was up by just 7.84% 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 2.51% to $15.09. A bullish start to the day on Wednesday saw Binance Coin rally from an early morning low $14.49 to a high $15.47.

Steering clear of the major support levels, Binance Coin broke back through the first major resistance level at $15.02.

For the remainder of the week

Binance Coin would need to break back through the current week high $15.57 to support another run at the second major resistance level at $16.24.

Support from the broader market would be needed, however, for Binance Coin to break through to $16 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $17 before any pullback.

Failure to move back through the current week high $15.57 could see Binance Coin hit reverse.

A pullback through to sub-$13 levels would bring the first major support level at $11.81 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $11.81

Major Resistance Level: $15.02

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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