Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/07/20

It’s been a bullish first half of the week. Avoiding a pullback through the 38.2% FIB would bring the week’s resistance levels into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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

Binance Coin saw red on Sunday, falling by 1.38% before 2 consecutive days in the green on Monday and Tuesday.

Binance Coin rose to a Sunday current week high 20.91 before hitting reverse.

Falling short of the first major resistance level at $21.16, Binance Coin slid to a Monday current week low $18.03.

Steering clear of the first major support level at $17.68, Binance Coin bounced back to $20 levels.

While leaving the major support and resistance levels untested, Binance Coin broke through the 38.2% FIB of $19.40.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.02% to $20.24. Two days in the green, that included a 2.33% rally on Tuesday delivered the upside. The 1.38% fall on Sunday limited the upside, however.

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 bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 48.28% 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 0.04% to $20.24. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $20.51 before falling to a low $19.94.

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 $19 pivot to support a run at the first major resistance level at $21.16.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $20.77.

Barring an extended crypto rally, the first major resistance level at $21.16 would likely continue to limit any upside.

In the event of another breakout, the second major resistance level at $22.46 would likely come into play.

Failure to avoid a fall back through to the pivot level at $19 would bring the first major support level at $17.68 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$19 levels.

The 38.2% FIB of $19.40 should limit the downside in the week.

Looking at the Technical Indicators

Major Support Level: $17.68

Major Resistance Level: $21.16

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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