Binance Coin Mid-Week Analysis – Resistance Levels in Play – 19/02/20

It’s a mixed start to the week, with Binance Coin struggling. A break out from $25 levels would bring $30 levels into play.
Binance

Binance Coin Price Resistance

It’s been a mixed 1st half of the week for Binance Coin, which saw 2 days in the green out of 3.

Binance Coin fell from a Sunday high $25.27 to a Monday current week low $21.30.

The reversal saw Binance Coin fall through the 38.2% FIB of $22.90 and the first major support level at $21.48.

Finding support on Monday and Tuesday, Binance Coin managed to move back through the first major support level and 38.2% FIB to wrap up the day at $23 levels.

The 2nd day in the green, saw Binance Coin fall back through the 38.2% FIB before rebounding to a current week high $25.28.

Binance Coin broke back through the 38.2% FIB to hit $25 levels for a 2nd time before easing back.

In the early part of the week, Binance Coin left the major resistance levels untested, however.

For the current week, Binance Coin was down by 0.54 % to $24.13, Sunday through to Tuesday. A 3.68% slide from Sunday left Binance Coin in the red.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and December’s swing lo $12.11.

It’s been a bullish start to the year, however, with Binance Coin up by 99.3% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.5% to $24.01.

For the remainder of the week

Binance Coin would need to break back through to $24.50 levels to support a run at the first major resistance level at $27.25.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $25.28.

Barring an extended rally going into the weekend, the first major resistance level at $27.25 and last week high $27.51 would likely cap any upside.

In the event of an extended rally, Binance Coin could eye $30 levels. The second major resistance level at $30.26 should cap any upside.

Failure to break back through to $24.50 levels could see Binance Coin fall deeper into the red.

A pullback through the 38.2% FIB of $22.9 would bring the first major support level at $21.48 back into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$20 levels.

Looking at the Technical Indicators

Major Support Level: $21.48

Major Resistance Level: $27.25

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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