Binance Coin Mid-Week Analysis – Support Levels in Play – 18/03/20

It’s a mixed start to the week for Binance Coin, with the broader crypto market finding influence from the impact of the coronavirus. It’s going to be choppy.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin, with Binance Coin seeing 2-days in the green out of 3 going into Wednesday.

A bullish start to the week saw Binance Coin rise to a Sunday current week high $11.91 before hitting reverse.

Falling well short of the first major resistance level at $18.22, Binance Coin slid to a Monday current week low $8.19.

Steering clear of the first major support level at $4.24, Binance Coin bounced back to $10.00 levels.

The moves through the early part of the week saw Binance Coin rise by 2.13% on Sunday, before tumbling by 8.78% on Monday.

Risk aversion seen across the global equity markets weighed on the crypto markets on Monday.

A pickup in risk appetite across the global financial markets on Tuesday delivered an 8.8% rebound, however, to leave Binance Coin up by 1.48% for the current week, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by the current reversal and last week’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 down by 24.69% 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 1.3% to $10.14. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $10.54 before falling to a low $19.97

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

For the remainder of the week

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring a broad-based crypto rebound ahead of the weekend, resistance at $11 would likely cap any upside.

In the event of a breakout, Binance Coin could visit $12 levels before any pullback.

Failure to break back through to $12.30 levels could see Binance Coin hit reverse.

A pullback through to sub-$10 levels would bring $6 levels back into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $4.24.

Looking at the Technical Indicators

Major Support Level: $4.24

Major Resistance Level: $18.22

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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