Binance Coin Mid-Week Analysis – Resistance Levels in Play – 28/10/20

It’s been a bullish first half of the week. A move back through to $33 levels would signal a breakout to bring $35 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 for Binance Coin.

It was a mixed start to the week, however. Binance Coin fell to a Monday current week low $29.38 before making a move.

Steering clear of the 23.6% FIB of $27.5 and the first major support level at $27.29, Binance Coin struck a Tuesday intraweek high $33.39.

Binance Coin broke through the first major resistance level at $33.24, before falling back to sub-$32 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.77% to $31.50.

2 consecutive days in the green that included a 3.03% gain on Monday delivered the upside early in the week.

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 130.7%.

At the time of writing, Binance Coin was up by 0.62% to $31.70. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $31.34 before rising to a high $31.88.

Binance Coin left the major support and resistance levels untested in the early part of Wednesday morning.

For the remainder of the week

Binance Coin would need to avoid a fall back through the $29.86 pivot level to support another run at the first major resistance level at $33.24.

Support from the broader market would be needed, however, for Binance Coin to break back through to $33 levels.

Barring an extended crypto rally, the first major resistance level and the current week high $33.39 would likely limit any upside.

In the event of an extended breakout, Binance Coin could test resistance at $35 before any pullback. The second major resistance level sits at $35.81.

Failure to avoid a fall back through the $29.86 pivot level would bring the 23.6% FIB of $27.5 and the first major support level at $27.29 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$28 levels.

Looking at the Technical Indicators

Major Support Level: $27.29

Major Resistance Level: $33.24

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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