Binance Coin Mid-Week Analysis – Support Levels in Play – 02/10/19

A bearish Wednesday morning leaves Binance Coin the red for the current week. A move through to $17 levels would signal a rally…
Binance

Binance Coin Price Support

It’s been a mixed start to the week for Binance Coin, which saw Binance Coin take 3.4% hit on Sunday before finding support.

The reversal saw Binance Coin fall to a Monday current week low $14.58.

Steering well clear of the first major support level at $13.06, Binance Coin bounced back with a 4.3% gain on Monday.

Through a trend-bucking 2nd consecutive day in the green on Tuesday, Binance Coin struck a current week high $16.34.

Falling well short of the week’s first major resistance level at $19.72, Binance Coin slid back to sub-$16 levels late on Tuesday to limit the upside on the day.

The second consecutive day in the green, however, left Binance coin up by 0.95% for the current week, Sunday through Tuesday.

While up for the week, the near-term bearish trend formed at 22nd June’s swing hi $40.27 remained intact. Binance Coin continued to fall short of the 23.6% FIB of $21 following last week’s swing lo $14.34.

In spite of the bearish trend,  however, Binance Coin was up by 151.3% for the current year

For the bulls, a move back through to $24 levels will now be key to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.22% to $15.71. It was a  bearish start to the day. Binance Coin slid from a morning high $15.97 to a low $15.59 before finding support.

Binance Coin continued to leave the major support and resistance levels untested in the early hours of Wednesday.

For the remainder of the week

Binance Coin would need to break through the current week high $16.34 to $17 levels to support a run at the first major resistance level at $19.72.

Support from the broader market would be needed, however, for Binance to break out from $17 levels.

Barring a broad-based crypto rally through the 2nd half of the week, Binance Coin would likely fall well short of $18 levels.

Failure to move back through the current week high $16.34 could see Binance Coin struggle through the week.

A fall back through to Monday’s current week low $14.58 would bring sub-$14 levels into play before any recovery.

Barring an extended broad-based crypto sell-off, however, we would expect Binance Coin to steer clear of the first major support level at $13.06.

Looking at the Technical Indicators

 

Major Support Level: $13.06

Major Resistance Level: $19.72

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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