Binance Coin Mid-Week Analysis – Support Levels in Play – 20/11/19

It’s been a bearish week for Binance Coin. A move back through to $19 levels would signal the start of a recovery going into the weekend.
Binance

Binance Coin Price Support

A bearish start to the week saw Binance coin slide from a Sunday high $20.44 to a Tuesday current week low $18.04.

Falling well short of the first major resistance level at $21.45, Binance Coin fell through the first major support level at $19.24 and second major support level at $18.31.

Of greater significance, however, was a slide back from the 23.6% FIB of $21.

After a relatively flat Sunday, where Binance Coin rose by just 0.09%, 2 consecutive days in the red did the damage.

For the current week, Sunday through Tuesday, Binance Coin was down by 8.33%. The lion’s share of the losses came from a Monday 5.55% slide.

The near-term bearish trend remained intact, supported by the current week sell-off. Binance Coin has continued to struggle at the 23.6% FIB of $21.

For the bulls, a move back through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.49% to $18.57.

A mixed start to the day on Wednesday saw Binance Coin fall to an early low $18.32 before striking a high $18.71.

The early move saw Binance Coin find support at the second major support level at $18.31.

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For the remainder of the week

Binance Coin would need to break back through the first major support at $19.24 to support a recovery later in the week.

Support from the broader market would be needed for Binance Coin to break out from $19 levels.

Barring an extended rally into the weekend, however, Binance Coin would likely come up short of the first major resistance level at $21.45.

Mid-week, Binance Coin will need to hold above the second major support level at $18.31 to support any recovery.

Failure to move back through the first major support level at $19.24 could lead to heavier losses.

A pullback through the second major support level at $18.31 would bring sub-$18 levels into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer well clear of the third major support level at $16.10.

Looking at the Technical Indicators

 

Major Support Level: $19.24

Major Resistance Level: $21.45

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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