Binance Coin Mid-Week Analysis – Resistance Levels in Play – 30/12/20

It’s been a bullish but choppy first half of the week. Avoiding a fall back through to sub-$37 levels would support further upside.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been another choppy 1st half of the week for Binance Coin.

A mixed start to the week saw Binance Coin slide to a Sunday current week low $29.90 before making a move.

Finding support at the first major support level at $29.88 and the 23.6% FIB of $29.70, Binance Coin rallied to a Tuesday current week high and a new swing hi $41.19.

Binance Coin broke through the first major resistance level at $37.12 and the second major resistance level at $40.63.

A late pullback on Tuesday, however, saw Binance Coin fall back to end the day at sub-$40 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 16.06% to $39.02.

2 consecutive days in the green that included a 6.70% rally on Monday and an 8.79% jump on Tuesday delivered the upside.

The near-term bullish trend remained intact, supported by the latest breakout. For the bears, a fall through the 62% FIB of $20 would form a near-term bearish trend.

It has been a particularly bullish year. Year-to-date, Binance Coin was up by 186%.

At the time of writing, Binance Coin was down by 3.33% to $37.72. A mixed start to the day on Wednesday saw Binance Coin rise to an early Wednesday morning high $39.94 before falling to a low $36.94.

Binance Coin briefly fell back through the first major resistance level at $37.12.

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level at $37.12 to bring the second major resistance level back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $40 levels.

Barring an extended crypto rally, the second major resistance level at $40.63 and the current week high $41.19 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $43 before any pullback. The third major resistance level sits at $47.87.

Failure to avoid a fall back through the first major resistance level at $37.12 would bring the 23.6% FIB of $33.00 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer well clear of the first major support level at $29.88.

Looking at the Technical Indicators

Major Support Level: $29.88

Major Resistance Level: $37.12

23.6% FIB Retracement Level: $33

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $20

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