Binance Coin Mid-Week Analysis – Resistance Levels in Play – 24/06/20

It’s been a choppy 1st half of the week. Avoiding sub-$16.10 levels will be key going into the weekend.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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

While mixed, it was a bullish start to the week. Reversing a 0.58% fall from Sunday, Binance Coin rallied by 3.45% on Monday to deliver the gains early on.

In spite of the upside, however, it was a choppy day on Monday. Binance Coin had fallen to a current week low $15.57 before striking a current week high $16.73 on the day.

Steering clear of the first major support level at $15.34, Binance Coin came within range of the first major resistance level at $16.83.

Going into Tuesday, a bearish start to the day saw Binance Coin fall back to $16.22 levels before finding support.

A recovery to $16.3 levels limited the loss on the day, to give Binance Coin a current week gain of 2.05%, Sunday through Tuesday.

The near-term bearish trend remained intact, 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 20.07% 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 up by 0.08% to $16.40. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $16.32 before striking a high $16.47.

Binance Coin steered clear of the major support and resistance levels in the early part of the day.

For the remainder of the week

Binance Coin would need to avoid a fall back through the $16.10 pivot to support a run at the first major resistance level at $16.83.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.73.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.88 would likely cap any upside.

In the event of another breakout, the second major resistance level at $17.60 could come into play. Expect plenty of resistance at $17.

Failure to avoid a fall back through the $16.10 pivot could see Binance Coin fall deep into the red.

A pullback through to sub-$16 levels would bring the first major support level at $15.34 back into play.

Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$15 levels.

Looking at the Technical Indicators

Major Support Level: $15.34

Major Resistance Level: $16.83

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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