Binance Coin Mid-Week Analysis – Resistance Levels in Play – 14/10/20

It’s been a bullish first half of the week for Binance Coin. A move back through to $31 levels would bring $33 levels into play…
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Binance Coin Price Resistance

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

A mixed start to the week saw Binance Coin fall to a Sunday current week low $27.80 before making a move.

Steering clear of the 23.6% FIB of $27.5 and the first major support level at $26.67, Binance Coin rallied to a Tuesday intraweek high $31.98.

Binance Coin broke the first major resistance level at $29.88 and the second major resistance level at $31.34.

A pullback to sub-$31 levels on Tuesday, however, saw Binance Coin fall back through the second major resistance level.

For the current week, Sunday through Tuesday, Binance Coin was up by 8.20% to $30.74.

3 consecutive days in the green that included a 7.41% rally on Monday delivered the upside early in the week.

The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.

It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 125.2%.

At the time of writing, Binance Coin was up by 0.09% to $30.77. A mixed start to the day on Wednesday saw Binance Coin fall to a Wednesday morning low $30.50 before rising to a high $31.13.

While falling short of the second major resistance level at $31.34, Binance Coin continued to hold above the first major resistance level.

For the remainder of the week

Binance Coin would need to move back through to $31 levels to support another run at the second major resistance level at $31.34.

Support from the broader market would be needed, however, for Binance Coin to break back through to $31 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $32 would likely limit any upside.

In the event of an extended breakout, Binance Coin could visit $33 levels before any pullback. The third major resistance level sits at $34.55.

Failure to move back through to $31 levels could bring sub-$30 back into play. Barring an extended sell-off, however, Binance Coin should steer clear of the pivot level at $28.13 and the major support levels.

The first major support level sits at $26.67.

Looking at the Technical Indicators

Major Support Level: $26.67

Major Resistance Level: $29.88

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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