Binance Coin Mid-Week Analysis – Support Levels in Play – 11/03/20

It’s a particularly bearish first half of the week. Failure to break back through the major support levels could bring sub-$15 into play.
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Binance Coin Price Support

It’s been a bearish 1st half of the week for Binance Coin, which saw 2-days in the red out of the 3 through the start of the week.

It was a particularly bearish start to the week. Binance Coin tumbled by 16.72% on Sunday, leading to a Monday intraweek low $15.60 before finding support.

Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.

Finding support through late Monday, Binance Coin fell by just 1.72% going into Tuesday at $16.80 levels.

The partial recovery saw Binance Coin break back through the second major support level on Monday.

A relatively choppy Tuesday, saw Binance Coin briefly revisit $17.4 levels before sliding back to sub-$17 levels.

Failing to break back through the first major support level at $18.52, Binance Coin fell back through the second major support level at $16.75.

Late support on the day led to a move back through the second major support level to deliver a 1.38% gain on the day.

For the current week, Binance Coin was down by 17.04%, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by the late 2019 reversal and December’s swing lo $12.11.

It’s been a relatively bullish start to the year, however, with Binance Coin up by 23.4% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.90% to $16.67. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $17.16 before falling to a low $16.54

Steering clear of the major resistance levels, Binance Coin fell back through the second major support level at $16.75.

For the remainder of the week

Binance Coin would need to break back through to $20.20 levels to bring the first major resistance level at $21.95 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through the major support levels and 23.6% FIB of $18.8.

Barring a broad-based crypto rebound ahead of the weekend, the 23.6% FIB would likely cap any upside.

Failure to break back through to $20.20 levels would see Binance Coin spend the week in the red.

A pullback through to sub-$16 levels would bring $14 levels into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer clear of the third major support level at $13.32.

Looking at the Technical Indicators

Major Support Level: $18.52

Major Resistance Level: $21.95

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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