Binance Coin Mid-Week Analysis – Resistance Levels in Play – 13/11/19

While it’s a bullish start to the week, with Binance Coin break testing resistance at the 23.6% FIB, it’s a bearish Wednesday which could weigh later in the week.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

A bullish start to the week saw Binance coin rally to a Sunday high $20.92 before hitting reverse.

Binance Coin broke through the first major resistance level at $20.85 before sliding to a Monday current week low $19.60.

Steering clear of the first major support level at $18.87, found support through Tuesday to strike a high $20.98.

Binance Coin broke back through the first major resistance level at $20.85 late in the day.

While breaking through the first major resistance level, the 23.6% FIB of $21 limited the upside early in the week.

A 3.4% rise on Sunday and a 4.4% rally on Tuesday gave Binance Coin a 6.4% gain for the current week, Sunday through Tuesday.

A 1.6% loss on Monday limited the upside for the current week, however.

The near-term bearish trend remained intact, in spite of 3 weeks out of 4 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 1.8% to $20.58. A mixed start to the day on Wednesday saw Binance Coin strike an early morning current week high $21.07 before hitting reverse.

Binance Coin broke through the 23.6% FIB of $21 before sliding to a morning low $20.54.

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For the remainder of the week

Binance Coin would need to break back through the first major resistance level and 23.6% FIB of $21 to support further upside.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $21.11.

Barring an extended rally into the weekend, however, Binance Coin would likely come up short of the second major resistance level at $21.97.

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 in the 2nd half of the week.

A pullback to sub-$20 levels would bring the first major support level at $18.87 into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $18.01.

Looking at the Technical Indicators

Major Support Level: $18.87

Major Resistance Level: $20.85

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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