Binance Coin Mid-Week Analysis – Resistance Levels in Play – 30/10/19

While it has been a bullish start to the week, a quick sell-off on Wednesday morning will test support. BNB will need to hold onto $20 levels…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

A bearish start to the week saw Binance coin fall to a Sunday intraweek low $18.46 before finding support.

In spite of the early pullback, Binance Coin steered clear of the first major support level at $16.44.

Finding support from the broader market, Binance Coin rallied to a Monday intraday high $21.31 before easing back.

Binance Coin came up against the first major resistance level at $21.15 before sliding back.

Of greater significance, however, was a breakthrough the 23.6% FIB of $21 before the pullback.

The reversal saw Binance coin pullback to sub-$20 levels before finding support.

Steering well clear of the major support levels, Binance Coin bounced back to a Tuesday high $21.29 before easing back to $20 levels.

Binance coin once again broke through the 23.6% FIB before the pullback to sub-$21 levels.

In spite of the choppy week, it’s been 3 consecutive days in the green for Binance Coin, which was up 9.5%, Sunday through Tuesday.

The near-term bearish trend remained intact, in spite of 3 consecutive weeks in the green and the positive start to the week. Binance Coin continued to struggle at the 23.6% FIB of $21.

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 1.62% to $20.46. A bearish start to the day on Wednesday saw Binance Coin slide from an early morning high $20.89 to a low $20.13.

[fx-image src=https://www.tradingview.com/x/empPjMTP/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/empPjMTP/]

For the remainder of the week

Binance Coin would need to break back through the 23.6% FIB of $21 to support further upside in the week.

Support from the broader market would be needed, however, for Binance Coin to break out from the first major resistance level at $21.15.

Barring an extended rally into the weekend, Binance Coin would likely come up short of the second major resistance level at $23.31.

Through the middle of the week, holding onto $20 levels will be considered key to support the upward momentum.

Failure to move back through the 23.6% FIB could see Binance Coin come under pressure.

A pullback to sub-$20 levels would bring the $18 levels into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $16.44.

Looking at the Technical Indicators

Major Support Level: $16.44

Major Resistance Level: $21.15

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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