Binance Coin Mid-Week Analysis – Resistance Levels in Play – 12/08/20

It’s been a bearish first half of the week. Failure to move back through to $22 levels would bring support levels into play.
Binance

Binance Coin Price Support

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

Binance Coin fell by 2.30% on Sunday, before a Monday rally to a current week high $23.26.

In spite of a 1.01% gain on the day, Binance Coin came up short of the first major resistance level at $25.36.

Hitting reverse on Tuesday, Binance Coin tumbled by 5.94% to a current week low $20.52.

Despite the pullback, Binance Coin steered clear of the first major support level at $19.68 and 38.2% FIB of $19.40.

For the current week, Sunday through Tuesday, Binance Coin was down by 7.07% to $21.30. Two days in the red that included Monday’s 5.94% slide delivered the downside.

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 56.04% 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 down by 2.07% to $20.86. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $21.35 to a low $20.66.

Binance Coin continued to steer clear of the major support and resistance levels early in the day.

For the remainder of the week

Binance Coin would need to move back through the $22.09 pivot level to support a run at the first major resistance level at $25.36.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $23.26.

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

In the event of another breakout, Binance Coin could test resistance at $27 before any pullback. Binance Coin would likely fall short of the 62% FIB of $27.3, however. The second major resistance level sits at $27.77.

Failure to move through the $22.09 pivot level would bring the first major support level at $19.68 and the 38.2% FIB of $19.40 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$19 levels.

Looking at the Technical Indicators

Major Support Level: $19.68

Major Resistance Level: $25.36

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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