Binance Coin Mid-Week Analysis – Resistance Levels in Play – 15/01/20
It’s been a bullish first half of the week, with Binance Coin hitting $17 levels. Further upside is on the cards should Binance Coin return to $17 levels.
Binance Coin Price Resistance
It’s been a bullish 1st half of the week for Binance Coin.
The bullish start saw Binance Coin gain 2.90% on Sunday before hitting red on Monday.
Falling by 1.17% on Monday, Binance Coin fell back to sub-$15 levels before making a move.
A particularly bullish Tuesday saw Binance Coin rally by 9.63% to end the day at $16.62.
Binance Coin broke through the first major resistance level at $15.64 and second major resistance level at $16.37.
It was a return to $16 levels for the first time since 4th December.
A start of a week current week low $14.78 saw Binance Coin steer well clear of the first major support level at $13.97.
For the current week, 2 days in the green out of 3 led to an 11.62% gain, Sunday through Tuesday.
The near-term bearish trend remained intact, supported by late 2019 reversal and December’s swing lo $12.11. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.
The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before finding support in late December. The reversal had included a 19.3% slide in the final week of November.
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 up by 1.26% to $16.83. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $16.32 to a high $17.30 before easing back.
While hitting $17 levels for the first time since 22nd November, Binance Coin came up short of the third major resistance level at $18.04.
For the remainder of the week
Binance Coin would need to move back through to $17 levels to support a run at the third major resistance level at $18.08.
Support from the broader market would be needed, however, for Binance Coin to break out from Wednesday’s current week high $17.15.
Barring an extended rally into the weekend, the third major resistance at $18.08 would likely pin Binance Coin back.
In the event of an extended crypto rally through the week, the 23.6% FIB of $18.8 would likely come into play.
Failure to move back through to $17 levels could see Binance Coin hit reverse.
A pullback through the second major resistance level at $16.37 would bring $15 levels back into play.
Barring a crypto meltdown, however, Binance Coin should avoid a fall back through the first major resistance level at $15.64.
In the event of a sell-off, Binance Coin could visit sub-$15 levels before any recovery.
We would expect Binance Coin to steer well clear of the first major support level at $13.97, however.
Looking at the Technical Indicators
Major Support Level: $13.97
Major Resistance Level: $15.64
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5
