Binance Coin Mid-Week Analysis – Support Levels in Play – 13/05/20

It’s been a bearish start to the week for Binance Coin. While support kicks in, failure to move through to $16.80 levels could deliver more downside.
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Binance Coin Price Support

It’s been a particularly bearish 1st half of the week, with Binance Coin seeing 2 consecutive days in the red before finding support on Tuesday.

Binance Coin tumbled from a Sunday current week high $17.02 to a Sunday current week low $13.62 before finding support.

The reversal saw Binance Coin fall through the first major support level at $15.28 and the second major support level at $13.77.

More significantly, Binance Coin fell through the 38.2% FIB of $14.40.

Finding support on Monday, Binance Coin broke back through the major support levels before sliding back to sub-$14 levels.

Support on Tuesday kicked in to limit the downside, though a visit to $16 levels was brief…

For the bulls, Binance Coin fell well short of the first major resistance level at $18.28.

In the current week, Binance Coin was down by 5.55% to $15.82, Sunday through Tuesday. An 8.46% tumble on Sunday coupled with a 1.68 loss did the damage. A 4.77% rally on Tuesday, did limit the downside, however.

The near-term bearish trend remained intact, however, 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 15.90% 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 0.64% to $15.92. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $15.61 to a high $16.07.

Binance Coin left the major support and resistance levels untested.

For the remainder of the week

Binance Coin would need to move back through to $16.80 levels to support a run at the first major resistance level at $18.28.

Support from the broader market would be needed, however, for Binance Coin to breakout back through to $18 levels.

Barring an extended crypto rally ahead of the weekend, the first major resistance level would likely leave $19 levels out of play.

In the event of a breakout, the 38.2% FIB of $19.4 would likely leave Binance Coin short of the second major resistance level at $19.77.

Failure to move back through to $16.80 could see Binance Coin fall deeper into the red.

A pullback through to the first major support level at $15.28 would bring the 23.6% FIB of $14.40 back into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back through the second major support level at $13.77.

Looking at the Technical Indicators

Major Support Level: $15.28

Major Resistance Level: $18.28

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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