Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/01/20

The bulls are in control in the early part of the week. A move back through the first major resistance level would support further gains ahead of the weekend.
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, which saw 3 consecutive days in the green.

Rallying from an early Sunday current week low $16.74, Binance Coin struck a Tuesday current week high $18.78.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $18.21.

The breakout saw Binance Coin come up against the 23.6% FIB of $18.8 before easing back.

A late pullback on Tuesday saw Binance Coin fall back through the first major resistance level.

For the current week, Binance Coin was up by 7.22%, Sunday through to Tuesday.

A 3.2% rally on Sunday and 2.69% gain on Tuesday delivered the upside through the early part of the week.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and December’s swing lo $12.11.

The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before finding support in late December. The reversal had included a 19.3% slide in the final week of November.

At the turn of the year, Binance Coin had enjoyed 4 consecutive weeks in the green before last week’s 4.78% loss.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.56% to $18.02. A mixed start to the day on Wednesday saw Binance Coin fall from an early morning high $18.21 to a low $17.91 before finding support.

Binance Coin came up against the first major resistance level at $18.21 before easing back.

For the remainder of the week

Binance Coin would need to move back through the first major resistance level at $18.21 to support another run at the 23.6% FIB of $18.8.

Support from the broader market would be needed, however, for Binance Coin to break through to $19 levels.

Barring an extended rally going into the weekend, the 23.6% FIB and resistance at $19 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $19.51 would come into play.

Failure to move back through the first major resistance level could see Binance Coin hit reverse.

A pullback through to sub-$17.30 levels would bring the first major support level at $15.97 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $15.97

Major Resistance Level: $18.21

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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