Binance Coin Mid-Week Analysis – Support Levels in Play – 19/08/20

It’s been a bearish start to the week for Binance Coin and the broader market. A move back through the pivot at $22.53 would support a breakout.
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Binance Coin Price Support

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

Binance Coin rose by 1.88% on Sunday to strike a Monday current week high $24.70 before hitting reverse.

Binance Coin came up against the first major resistance level at $24.60 before sliding to a Monday low $22.03.

Despite the pullback, Binance Coin steered clear of the first major support level at $21.04 and 38.2% FIB of $19.40.

For the current week, Sunday through Tuesday, Binance Coin was down by 0.43% to $23.01. Two days in the red reversed a 1.88% gain from Sunday.

The near-term bearish trend remained intact, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It had been a particularly bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 68.57% 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 2.84% to $22.36. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $23.31 to a current week low $21.93.

Binance Coin steered clear of the major support and resistance levels early in the day.

For the remainder of the week

Binance Coin would need to move back through the $22.53 pivot level to support another test of the first major resistance level at $24.60.

Support from the broader market would be needed, however, for Binance Coin to break back through to $24 levels.

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

In the event of another recovery, Binance Coin could test resistance at $26 before any pullback. Binance Coin would likely fall well short of the 62% FIB of $27.3, however.

Failure to move through the $22.53 pivot level would bring the first major support level at $21.04 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$20 levels and the 38.2% FIB of $19.4.

Looking at the Technical Indicators

Major Support Level: $21.04

Major Resistance Level: $24.60

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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