Binance Coin Mid-Week Analysis – Resistance Levels in Play – 08/07/20

It’s been a bullish start to the week. Binance Coin would need to break back through to $17 levels to target $18s…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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

The start of the week was bearish, however, with Binance Coin falling to a Sunday current week low $15.07 before finding support.

Steering clear of the first major support level at $14.95, Binance Coin recovered to end Sunday with a 0.42% loss on the day

Bullish through Monday and Tuesday, Binance Coin rallied to a Tuesday high $17.08.

Binance Coin broke through the first major resistance level at $16.10 and the second major resistance level at $16.65.

Coming up short of the third major resistance level at $17.80, Binance Coin fell back to sub-$17 levels on the day.

The second major resistance level at $16.65 delivered support late in the day on Tuesday.

For the current week, Sunday through Tuesday, Binance Coin was up by 7.90% to $16.90. Two consecutive days in the green delivered the upside. Binance Coin saw gains of 5.32% and 2.92% on Monday and Tuesday respectively.

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

It’s had been a relatively bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 23.08% 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 0.76% to $16.92. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $16.60 to a current week high $17.09.

Binance Coin continued to hold above the second major resistance level at $16.65.

For the remainder of the week

Binance Coin would need to move back through $17 levels to support another run at the third major resistance level at $17.80.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.09.

Barring an extended crypto rally, resistance at $17 would likely continue to limit any upside.

In the event of another breakout, a breakthrough the third major resistance level would bring $18 levels into play.

Failure to move back through to $17 levels could see Binance Coin hit reverse.

A pullback through to sub-$16 and the $15.50 pivot would bring the first major support level at $14.95 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $14.95

Major Resistance Level: $16.10

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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