Binance Coin Mid-Week Analysis – Resistance Levels in Play – 23/12/20

It’s been a choppy start to the week for Binance Coin. Avoiding a fall back through the week’s pivot level should bring resistance levels back into play.
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 mixed start to the week saw Binance Coin rise to a Sunday current week high $36.73 before hitting reverse.

Coming up against the first major resistance level at $36.57, Binance Coin fell to a Tuesday current week low $30.35.

While falling through the week’s $31.95 pivot level, Binance Coin avoided the first major support level at $28.71. Binance Coin also avoided the 23.6% FIB of $29.7 before a move back through to $33 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 0.63% to $33.54.

2 days in the green out of 3  delivered the upside early in the week. A 6.48% slide on Monday limited the upside, 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 144%.

At the time of writing, Binance Coin was up by 1.25% to $33.96. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $33.17 before rising to a high $34.89.

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 the $31.95 pivot bring the first major resistance level at $36.57 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $36 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 $38 before any pullback. The second major resistance level sits at $39.81.

Failure to avoid a fall back through the $31.95 pivot level would bring the 23.6% FIB of $29.7 and the first major support level at $28.71 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of sub-$29 levels and well clear of the 38.2% FIB of $25.21. The second major support level sits at $24.09.

Looking at the Technical Indicators

Major Support Level: $28.71

Major Resistance Level: $36.57

23.6% FIB Retracement Level: $29.7

38.2% FIB Retracement Level: $25.2

62% FIB Retracement Level: $18.0

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