Binance Coin Mid-Week Analysis – Support Levels in Play – 07/10/20

It’s a bearish start to the week. Failure to move back through the weekly pivot level would likely deliver heavier losses.
Binance

Binance Coin Price Support

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

A bullish start to the week saw Binance Coin rise to an early Monday current week high $29.60 before hitting reverse.

Falling well short of the first major resistance level at $30.32, Binance Coin slid to a Tuesday low $27.06.

The pullback saw Binance Coin fall through the 23.6% FIB of $27.5 and the pivot level at $27.74.

A late recovery on the day saw Binance Coin move back through the 23.6% FIB to end Tuesday at $27.7 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 1.70% to $27.72.

2 consecutive days in the red that included a 3.20% slide on Tuesday delivered the downside. The 2-days in the red reversed a 2.68% gain from Sunday.

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 103.08%.

At the time of writing, Binance Coin was down by 0.95% to $27.46. A bearish start to the day saw Binance Coin fall from a Wednesday morning high $27.71 to a current week low $27.02.

While steering clear of the major support and resistance levels, Binance Coin fell back through the 23.6% FIB.

For the remainder of the week

Binance Coin would need to move back through the $27.74 pivot level to bring the first major resistance level at $30.32 into play. More significantly, Binance Coin would also need to break out from the 23.6% FIB of $27.5.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $29.83.

Barring an extended crypto rebound, the first major resistance level would likely cap any upside.

In the event of an extended breakout, the second major resistance level at $32.41 would likely come into play.

Failure to move through the pivot level at $27.74 would bring the first major support level at $25.65 into play.

Barring an extended crypto sell-off, however, Binance Coin should steer well clear the 38.2% FIB of $23.5. The second major support level sits at $23.07.

Looking at the Technical Indicators

Major Support Level: $25.65

Major Resistance Level: $30.32

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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