Binance Coin Mid-Week Analysis – Resistance Levels in Play – 16/12/20

It’s a relatively bullish first half of the week for Binance Coin. Avoiding a fall through the week’s pivot level should support further upside.
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 rise from a Sunday current week low $27.69 to a Tuesday current week high $30.70.

Steering clear of the support levels, Binance Coin broke through the first major resistance level at $30.27.

More significantly, Binance Coin also fell back through the 23.6% FIB of $29.7 before hitting reverse.

A pullback from the Tuesday high saw Binance Coin fall back through the first major resistance level and the 23.6% FIB.

For the current week, Sunday through Tuesday, Binance Coin was up by 4.79% to $29.51.

2 consecutive days in the green at the start of the week delivered the upside. A 1.70% fall on Tuesday pared some of the gains, however.

The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, a fall through the 62% FIB of $18 would form a near-term bearish trend.

It has been a particularly bullish year. Year-to-date, Binance Coin was up by 116%.

At the time of writing, Binance Coin was down by 0.82% to $29.27. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $29.56 before falling to a low $29.03.

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

For the remainder of the week

Binance Coin would need to avoid a fall through the $28.36 pivot bring the 23.6% FIB of $29.7 and the first major resistance level at $30.27 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $30 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $33 before any pullback. The second major resistance level sits at $32.38.

Failure to avoid a fall through the $28.36 pivot level would bring the first major support level at $26.25 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of the 38.2% FIB of $25.2. The second major support level sits at $24.34.

Looking at the Technical Indicators

Major Support Level: $26.25

Major Resistance Level: $30.27

23.6% FIB Retracement Level: $29.7

38.2% FIB Retracement Level: $25.2

62% FIB Retracement Level: $18.0

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