Binance Coin Mid-Week Analysis – Support Levels in Play – 17/06/20

It’s been a bearish first half of the week. Failure to move through to $17 levels would bring support levels back into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

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

While mixed, it was a bearish start to the week. Binance Coin slid from a Sunday current week high $16.88 to a Monday current week low $15.39.

Falling well short of the first major resistance level at $17.91, Binance Coin fell through the first major support level at $15.73.

Finding support at sub-$16, Binance Coin bounced back to a Tuesday high $16.84 before easing back on the day.

While breaking back through the first major support level, resistance at $17 pinned Binance Coin back mid-week.

For the current week, Sunday to Tuesday, Binance Con was down by 2.26% to $16.44.

Two days in the red out of three delivered the relatively modest loss. It could have been far worse had a late Monday rebound not materialized… A 1.6% loss on Sunday was the biggest daily move, though modest by recent standards.

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 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 20.44% 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 down by 0.16% to $16.41. A mixed start to the day saw Binance Coin fall to an early Wednesday low $16.25 before rising to a high $16.59.

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 the $16.80 pivot to support a run at the first major resistance level at $17.91.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.88 to $17 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.92 would likely cap any upside.

In the event of another breakout, the second major resistance level at $19.0 could come into play. Expect plenty of resistance at the previous week’s high $17.92 and first major resistance level, however.

Failure to move back through the $16.82 pivot could see Binance Coin fall deeper into the red.

A pullback through to sub-$16 levels would bring the first major support level at $15.73 back into play.

Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$15 levels.

Looking at the Technical Indicators

Major Support Level: $15.73

Major Resistance Level: $17.91

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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