Binance Coin Mid-Week Analysis – Resistance Levels in Play – 15/07/20

It’s a relatively bullish week for Binance Coin. Failure to break back through to $19 levels could test support, however.
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Binance Coin Price Resistance

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

The start of the week was bullish. Binance Coin rallied from a Sunday current week low $17.45 to a Monday current week high $19.06 before seeing red.

Off the back of 2 consecutive days in the green, Binance Coin broke through the first major resistance level at $18.62.

Falling short of the second major resistance level at $19.62, Binance Coin slid back to sub-$17.70 levels on Tuesday.

In spite of the mixed week, Binance Coin steered clear of sub-$16 and the first major support level at $15.85.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.55% to $18.07. Two consecutive days in the green delivered the upside. Binance Coin saw gains of 3.96% and 0.34% on Monday and Tuesday respectively before a 1.72% slide on Tuesday.

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 bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 32.38% 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 0.21% to $18.03. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $18.16 before falling to a low $17.99.

Binance Coin left the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to break back through the first major resistance level to support another run at $19 levels.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $19.06.

Barring an extended crypto rally, resistance at $19 would likely continue to limit any upside.

In the event of another breakout, a breakthrough the second major resistance level at $19.62 and 38.2% FIB of $19.4 would be likely.

Failure to move back through to the first major resistance level could see Binance Coin hit reverse.

A pullback through to sub-$17 and the $16.85 pivot would bring the first major support level at $15.85 into play.

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

Looking at the Technical Indicators

Major Support Level: $15.85

Major Resistance Level: $18.62

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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