Binance Coin Mid-Week Analysis – Resistance Levels in Play – 30/09/20

It’s a bullish first half of the week for Binance Coin. Avoiding a fall back through the 23.6% FIB of $27.5 should deliver further upside.
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Binance Coin Price Resistance

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

Binance Coin fell to a Sunday current week low $25.16 before making a move.

Steering clear of the 38.2% FIB of $23.5 and the first major support level at $22.93, Binance Coin rallied to a Tuesday intraweek high $29.17.

Binance Coin broke through the 23.6% FIB of $27.5 and the first major resistance level at $28.52.

In spite of a pullback to sub-$29 levels late on Tuesday, Binance Coin held above the first major resistance level.

For the current week, Sunday through Tuesday, Binance Coin was up by 10.23% to $28.89.

3 consecutive days in the green that included a 7.07% 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 start to the year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 111.65%.

At the time of writing, Binance Coin was down by 0.71% to $28.68. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $28.91 before falling to a low $28.27.

Binance Coin briefly slipped through the first major resistance level at $28.52 before finding support.

For the remainder of the week

Binance Coin would need to avoid through the first major resistance level and 23.6% FIB of $27.5 to support further upside.

A move back through the current week high $29.17 would bring the second major resistance level at $30.84 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $30 levels.

Barring an extended crypto rebound, resistance at $30 would likely pin Binance Coin back.

In the event of an extended breakout, Binance Coin could test resistance at $32 before any pullback.

A fall back through the 23.6% FIB of $27.5, however, would bring the pivot level at $25.25 into play.

Barring an extended crypto sell-off, Binance Coin should steer well clear of the first major support level at $22.93.

The 38.2% FIB of $23.5 should limit any downside in the event of a reversal.

Looking at the Technical Indicators

Major Support Level: $22.93

Major Resistance Level: $28.52

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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