Binance Coin Mid-Week Analysis – Support Levels in Play – 10/06/20

It’s been a choppy start to the week. Failure to move back through to $17.60 levels will bring support levels into play…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

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

At the start of the week, Binance Coin rose to a current week high 17.92 on Sunday before hitting reverse.

Falling well short of the first major resistance level at $19.13, Binance Coin tumbled to a Sunday current week low $16.61.

Steering clear of the first support level at $15.98, Binance Coin recovered to end the day at $17.42. In spite of the recovery, Binance Coin fell by 0.74% on Sunday.

Following a flat Monday, which saw Binance Coin gain just 0.17%, it was back into the red on a choppy Tuesday.

At the start of the day, Binance Coin struck an early morning high $17.69 before falling to a low $16.97.

While finding support from the broader market, Binance Coin fell by 0.36% on the day.

For the current week, Sunday through Tuesday, Binance Coin was down by 0.97% to $17.39.

Just the 1-day in the green out of 3 limited the downside in the 1st half of the week.

The near-term bearish trend remained intact, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by just 27.40% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.10% to 17.41. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $17.32 before rising to high $17.51.

Binance Coin steered clear of the major support and resistance levels in the early part of the day.

For the remainder of the week

Binance Coin would need to move back through to $17.60 levels to support a run at the first major resistance level at $19.13.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.92

Barring an extended crypto rally ahead of the weekend, resistance at $18 would likely leave Binance Coin short of the first major resistance level.

In the event of another breakout, the 38.2% FIB of $19.4 would likely limit any upside in the week.

Failure to move back through to $17.60 levels could see Binance Coin fall deeper into the red.

A pullback through to sub-$17 levels would bring the first major support level at $15.98 back into play.

Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $15.98

Major Resistance Level: $19.13

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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