Binance Coin Mid-Week Analysis – Resistance Levels in Play – 25/11/20

It’s been a bullish first half of the week. Avoiding a fallback to sub-$30 levels should support further upside ahead.
Binance is a finance exchange market. Crypto Currency background concept.

Binance Coin Price Resistance

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

A bearish start to the week, however, saw Binance Coin fall to a Sunday current week low $28.35 before making a move.

Steering clear of the first major support level at $27.5 and the 23.6% FIB of $27.5, Binance Coin rallied to a Tuesday current week high $36.83.

Binance Coin broke through the first major resistance level at $32.33 and the second major resistance level at $34.12.

A pullback from Tuesday morning’s high saw Binance Coin fall back through the major resistance levels before wrapping up the day at $33 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 11.1% to $33.95.

2 days in the green out of 3 that included a 9.38% rally on Tuesday delivered the upside.

The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.

It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 148.7%.

At the time of writing, Binance Coin was down by 2.60% to $33.06. A mixed start to the day saw Binance Coin rise to an early Wednesday morning high $35.52 before falling to a low $33.06.

Binance Coin broke back through the second major resistance level at $34.12 before easing back in the early part of Wednesday morning.

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $34.12.

Support from the broader market would be needed, however, for Binance Coin to break back through to $34 levels.

Barring an extended crypto rally, the second major resistance level and resistance at $35 would likely cap any upside.

In the event of an extended breakout, however, the third major resistance level at $38.95 would likely cap any upside.

Failure to avoid a fall back through the first major resistance level at $32.33 would bring sub-$30 levels into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid the pivot level at $29.29. The first major support level sits at $27.50, along with the 23.6% FIB.

Looking at the Technical Indicators

Major Support Level: $27.50

Major Resistance Level: $32.33

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

 

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