Binance Coin Mid-Week Analysis – Support Levels in Play – 04/12/19

While steering clear of the major support levels, another fall through to sub-$15 could spell trouble for Binance Coin going into the weekend…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It’s been another bearish start to the week for Binance Coin.

2 consecutive days in the red saw Binance Coin fall from a Sunday current week high $15.75 to a Monday low $14.92.

Falling short of the first major resistance level at $16.89, Binance Coin also steered clear of the first major support level at $14.22.

In what has been a relatively choppy week, Binance Coin had recovered to a Monday high $15.67 before seeing the 2nd day in the red.

On Tuesday, much-needed support kicked in, with Binance Coin recovering from sub-$15 levels to end a 3-day losing streak.

A 0.53% gain on Tuesday was not enough to reverse losses from earlier in the week, however.

For the current week, Sunday through Tuesday, Binance Coin was down by 2.99% to $15.27.

The near-term bearish trend remained intact, supported by the current week loss. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.

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 1.33% to $15.07. A bearish start to the day on Wednesday saw Binance Coin slide from an early morning high $15.40 to a new current week low $14.83.

Binance Coin continued to hold above the week’s first major support level at $14.22, however.

For the remainder of the week

Binance Coin would need to move back through to $15.40 levels to support a run at the first major resistance level at $16.89.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $15.75.

Barring a broad-based crypto rebound, resistance at $15.40 levels would likely pin Binance Coin back in the red.

Failure to move through to $15.40 levels could see Binance Coin slide deeper into the red.

A pullback through the new current week low $14.83 would bring the first major support level at $14.22 into play.

Sub-$14 levels could come back into play should Binance Coin slide through the first major support level.

Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.72.

Looking at the Technical Indicators

 

Major Support Level: $14.22

Major Resistance Level: $16.89

23.6% FIB Retracement Level: $20

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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