Binance Coin Mid-Week Analysis – Resistance Levels in Play – 18/11/20

It’s a relatively bullish start to the week for Binance Coin. A move back through to $29.50 levels would support a move through to $30 levels.
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Binance Coin Price Resistance

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

A bearish start to the week saw Binance Coin fall to a Monday current week low $26.41 before making a move.

While steering clear of the first major support level at $26.18, Binance Coin fell through the 23.6% FIB of $27.5.

Finding support at sub-$27 levels, Binance Coin rose to a Tuesday current week high $30.81.

Binance Coin broke through the first major resistance level at $29.70 before falling back to sub-$29 levels.

Of greater significance, Binance Coin also broke back through the 23.6% FIB of $27.50.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.22% to $28.60.

2 days in the green out of 3 that included a 2.20% gain on Tuesday delivered the upside. A 0.89% fall on Sunday limited the upside, however.

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 109.5%.

At the time of writing, Binance Coin was up by 0.12% to $28.63. A mixed start to the day saw Binance Coin rise to an early Wednesday morning high $29.00 before falling to a low $28.40.

Binance Coin left the major support and resistance levels untested in the early part of Wednesday morning.

For the remainder of the week

Binance Coin would need to avoid a fall back through the $27.9 pivot level and the 23.6% FIB to support another run at the first major resistance level at $29.70.

Support from the broader market would be needed, however, for Binance Coin to break back through to $29.5 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $30 would likely cap any upside.

In the event of an extended breakout, however, the second major resistance level at 31.43 would likely cap any upside.

Failure to avoid a fall back through the 23.6% FIB and the $27.91 pivot level would bring the first major support level at $26.18 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$25 levels. The second major support level sits at $24.39.

Looking at the Technical Indicators

Major Support Level: $26.18

Major Resistance Level: $29.70

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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