Binance Coin Mid-Week Analysis – Resistance Levels in Play – 16/10/19

It’s a bullish start to the week for Binance Coin. After bucking the trend on Tuesday, a move back through to $19 levels is needed for more upside.
Binance

Binance Coin Price Resistance

It’s been a relatively bullish start to the week for Binance Coin, which was up by 7.97%, Sunday through Tuesday.

A particularly bullish Sunday delivered the lion’s share of the early gains, with Binance Coin rising by 6.33%.

Off the back of 3 consecutive days in the green, Binance Coin struck a Tuesday current week high $19.19 before easing back to sub-$19 levels.

Steering clear of the major support levels at the start of the week, Binance Coin broke through the first major resistance level at $18.59.

Falling short of the second major resistance level at $20, a broad-based crypto sell-off on Tuesday weighed.

In spite of the reversal, Binance Coin recovered late on to gain 0.49% on the day, supporting the solid start to the week.

The near-term bearish trend remained intact, in spite of last week’s solid gains and the positive start to the week. Binance Coin continued to fall short of the 23.6% FIB of $21.

For the bulls, a breakthrough the 62% FIB of $30 would form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.36% to $18.49.

[fx-image src=https://www.tradingview.com/x/RePIOKZf/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/RePIOKZf/]

For the remainder of the week

Binance Coin would need to move back through the current week high $19.19 to support a run at the second major resistance level at $20.

Support from the broader market would be needed, however, for Binance Coin to break back through the first major resistance level at $18.59.

A breakthrough the second major resistance level would bring the 23.6 % FIB of $21 into play.

Barring a broad-based rally, we would expect the second major resistance level to limit any upside for the week.

Failure to move back through the current week high could see Binance Coin hit reverse.

A pullback through to sub-$18 levels would bring $16 levels into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer clear of the first major support level at $15.3033.

In the event of an extended reversal, Binance Coin would need to fall through to sub-$16.70 levels to bring the support levels into play.

Looking at the Technical Indicators

Major Support Level: $15.30

Major Resistance Level: $18.59

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

Most Recent

Top Articles

Popular

9289.0
+120.51
+1.31438%
181.14
+0.6500
+0.36013%
0.2969
+0.0040
+1.36565%
254.22
-2.9100
-1.13172%
EOSEOS
3.1550
-0.0020
-0.06335%
57.360
+1.0900
+1.93709%