Binance Coin Mid-Week Analysis – Support Levels in Play – 16/09/20

It’s a particularly bearish start to the day on Wednesday, as Binance Coin continues to pullback from $34 levels hit earlier in the week. Support levels are in play.
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Binance Coin Price Support

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

Binance Coin fell to a Sunday low $27.58 before making a move.

Steering clear of the first major support level at $21.78, Binance Coin rallied to a Monday current week high and new swing hi $34.06.

Binance Coin broke through the first major resistance level at $31.91 before hitting reverse.

The reversal on Tuesday, saw Binance Coin slide back through the first major resistance level to a Tuesday low $26.35.

While continuing to steer clear of the major support levels, Binance Coin fell through the 23.6% FIB of $27.5 on Tuesday.

Tuesday’s sell-off saw Binance Coin reverse gains from Sunday and Monday to sit in the red mid-week.

For the current week, Sunday through Tuesday, Binance Coin was down by 4.98% to $27.1. A 13.36% tumble on Tuesday reversed two days in the green that included a 9.3% breakout on Sunday.

The near-term bullish trend remained intact, however, supported by this week’s breakthrough to $34 levels.

It has been a particularly bullish start to the year in spite of a reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 98.53% year-to-date.

At the time of writing, Binance Coin was down by 3.48% to $26.16. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $27.32 to a current week low $25.80.

Binance Coin continued to leave the major support and resistance levels untested early in the day.

For the remainder of the week

Binance Coin would need to avoid a fall back through the $25.19 pivot level to support another run at the first major resistance level at $31.91.

Support from the broader market would be needed, however, for Binance Coin to break out from the 23.6% FIB of $27.5 to $30 levels.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended breakout, Binance Coin could test the second major resistance level at $35.32 before any pullback.

A fall through the $25.19 pivot level would bring the 38.2% FIB of $23.5 and the first major support level at $21.78 into play.

Barring an extended crypto sell-off, however, Binance Coin should steer well clear of sub-$20 levels.

The 62% FIB sits at $17, with the second major support level at $15.06.

Looking at the Technical Indicators

Major Support Level: $21.78

Major Resistance Level: $31.91

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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