Binance Coin Mid-Week Analysis – Support Levels in Play – 21/10/20

It’s been a bearish first half of the week for Binance Coin. A move back through to $30 levels would signal a breakout…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

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

A mixed start to the week saw Binance Coin rise to a Monday current week high $31.55 before hitting reverse.

Falling short of the first major resistance level at $32.41, Binance Coin slid to a Tuesday current week low $27.76.

A 2nd consecutive day in the deep red saw Binance Coin fall through the first major support level at $27.94.

Steering clear of the 23.6% FIB of $27.50, however, Binance Coin moved back through to $28 levels to limit the downside.

The partial recovery saw Binance Coin break back through the first major support level at $27.94.

For the current week, Sunday through Tuesday, Binance Coin was down by 4.60% to $28.85.

2 consecutive days in the red that included a 3.61% slide on Tuesday delivered the downside early in the week.

The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.

It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 111.4%.

At the time of writing, Binance Coin was up by 1.20% to $29.20. A mixed start to the day saw Binance Coin fall to an early morning low $28.65 before rising to a high $29.45.

Binance Coin left the major support and resistance levels untested in the early part of Wednesday morning.

For the remainder of the week

Binance Coin would need to move back through the $30.11 pivot level to support a run at the first major resistance level at $32.41.

Support from the broader market would be needed, however, for Binance Coin to break back through to $32 levels.

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

In the event of an extended breakout, Binance Coin could visit $33 levels before any pullback. The second major resistance level sits at $34.58.

Failure to move back through the $30.11 pivot level would bring the first major support level at $27.94 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$27 levels.

The 23.6% FIB of $27.5 should limit any downside in the 2nd half of the week.

Looking at the Technical Indicators

Major Support Level: $27.94

Major Resistance Level: $32.41

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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