Binance Coin Mid-Week Analysis – Support Levels in Play – 11/12/19

It’s another bearish start to the week. A move through to $15.6 levels would signal a bounce back going into the weekend…
Binance

Binance Coin Price Support

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

3 consecutive days in the red saw Binance Coin fall to a Tuesday current week low $14.52.

The sell-off saw Binance Coin slide through the first major support level at $14.79 before finding support.

While bearish through the start of the week, Binance Coin did strike a Monday current week high $15.96 before sliding back into the red on the day.

In spite of the early rally on Monday, however, Binance Coin fell well short of the first major resistance level at $16.46.

For the current week, Sunday through Tuesday, Binance Coin was down by 5.5% to $14.79.

While seeing red through the start of the week, a 3.56% slide on Tuesday did the damage.

The near-term bearish trend remained intact, supported by the current week loss and new swing lo. 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 up by 0.57% to $14.87. A relatively bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $14.75 to a high $14.92.

The early morning move saw Binance Coin break back through the first major support level at $14.79 early on.

For the remainder of the week

Binance Coin would need to move back through to $15.60 levels to support a run at the first major resistance level at $16.46.

Support from the broader market would be needed, however, for Binance Coin to break out from $15 levels.

Barring a broad-based crypto rebound, resistance at $16 levels would likely pin Binance Coin back in the week.

Failure to move through to $15.60 levels could see Binance Coin slide deeper into the red.

A pullback through the first major support level would bring the second major support level at $13.94 into play.

Barring a crypto meltdown, however, the second major support level should limit any downside in the week.

Looking at the Technical Indicators

Major Support Level: $14.79

Major Resistance Level: $16.46

23.6% FIB Retracement Level: $20

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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