Binance Coin Mid-Week Analysis – Resistance Levels in Play – 20/05/20

It’s been a bullish week for Binance Coin. Avoiding sub-$17 would be key, however, to bring resistance levels into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been a bullish 1st half of the week, with Binance Coin seeing 3 consecutive days in the green.

The bullish start to the week saw Binance Coin rally from a Sunday current week low $15.56 to a Tuesday current week high $17.50.

In spite of the 3 days in the green that included a 3.69% rally on Tuesday, however, Binance Coin came up short of the first major resistance level at $17.73.

Resistance at $17.50 pinned Binance Coin back in the 1st half of the week.

For the current week, Binance Coin was up by 7.29% to $17.23, Sunday through Tuesday.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by 26.23% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.16% to $17.21. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $17.44 before falling to a low $17.18.

Binance Coin continued to leave the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to avoid sub-$17 levels to support another run at the first major resistance level at $17.73.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.50.

Barring an extended crypto rally ahead of the weekend, the first major resistance level would likely leave $19 levels out of play.

In the event of a breakout, the 38.2% FIB of $19.4 and the second major resistance level at $19.39 would likely come into play.

Failure to avoid sub-$17 levels could see Binance Coin hit reverse.

A pullback through to sub-$15.70 levels would bring the first major support level at $14.02 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back to sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $14.02

Major Resistance Level: $17.73

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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