Binance Coin Mid-Week Analysis – Resistance Levels in Play – 20/01/21

It’s been a mixed week for Binance Coin. Avoiding a fall back through the week’s pivot level should support another run at resistance levels, however.
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Binance Coin Price Resistance

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

Binance Coin fell to a Sunday current week low $40.02 before making a move.

Steering clear of the first major support level at $34.54, Binance Coin rallied to a Monday current week high and a new swing hi $48.98.

Coming up short of the first major resistance level at $49.53, however, Binance Coin fell back to $41 levels before finding support.

For the current week, Sunday through Tuesday, Binance Coin was down by 1.23% to $42.58.

2 days in the red from 3 that included a 6.05% slide on Tuesday delivered the downside. The Tuesday sell-off reversed a 6.38% breakout from Sunday.

The near-term bullish trend remained intact, supported by the Monday new swing hi $48.98. For the bears, a fall through the 62% FIB of $22.7 would form a near-term bearish trend.

It has been a bullish start to the year, with Binance Coin up by 13.7%.

At the time of writing, Binance Coin was down by 1.17% to $42.08. A mixed start to the day on Wednesday saw Binance Coin rise to an early Wednesday morning high $43.25 before falling to a low $41.45.

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 back through $40.98 pivot to bring the first major resistance level at $49.53 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $48.98.

Barring an extended crypto rally, the first major resistance level and resistance at $50 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $55 before any pullback. The third major resistance level sits at $55.97.

Failure to avoid a fall back through $40.98 pivot would bring the 23.6% FIB of $38.9 and the first major support level at $34.54 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of the 38.2% FIB of $32.7. The second major support level sits at $25.99.

Looking at the Technical Indicators

Major Support Level: $34.54

Major Resistance Level: $49.53

23.6% FIB Retracement Level: $38.9

38.2% FIB Retracement Level: $32.7

62% FIB Retracement Level: $22.7

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