Binance Coin Mid-Week Analysis – Support Levels in Play – 09/12/20

It’s been a bearish start to the week. Failure to move back through to $30 levels would lead to heavier losses.
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Binance Coin Price Support

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

A mixed start to the week saw Binance Coin rise to a Sunday current week high $30.46 before hitting reverse.

Falling well short of the first major resistance level at $32.45, Binance Coin slid to a Tuesday current week low $26.85.

The sell-off saw Binance Coin fall through the 23.6% FIB of $29.65 and the first major support level at $27.68.

Finding late support on Tuesday, Binance Coin moved back through to $27.50 levels to limit the downside.

The first major support level at $27.68 pinned Binance Coin back on the day, however.

For the current week, Sunday through Tuesday, Binance Coin was down by 7.03% to $27.65.

3 consecutive days in the red that included a 5.84% slide on Tuesday delivered the downside.

The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, a fall through the 62% FIB of $18 would form a near-term bearish trend.

It has been a particularly bullish year. Year-to-date, Binance Coin was up by 103%.

At the time of writing, Binance Coin was down by 0.57% to $27.50. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $27.83 before falling to a low $27.38.

The early pullback saw Binance Coin fall back through the first major support level at $27.68.

For the remainder of the week

Binance Coin would need to move back through the 23.6% FIB of $29.7 and the pivot level at $30.38 to bring the first major resistance level at $32.45 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the first major support level at $27.68.

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

In the event of an extended breakout, however, Binance Coin could test resistance at the previous week’s high $33.07. The second major resistance level sits at $35.15.

Failure to move through the $30.38 pivot level would bring second major support level at $25.61 and the 38.2% FIB of $25.2 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of sub-$25 levels. The third major support level sits at $20.84.

Looking at the Technical Indicators

Major Support Level: $27.68

Major Resistance Level: $32.45

23.6% FIB Retracement Level: $29.7

38.2% FIB Retracement Level: $25.2

62% FIB Retracement Level: $18.0

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