Binance Coin Mid-Week Analysis – Support Levels in Play – 22/04/20

Binance Coin Price Support

It has been a bearish start to the week, with 2 consecutive days in the red delivering heavy losses early in the week.

Binance Coin tumbled from a Sunday current week high $16.77 to a Tuesday current week low $14.75 before finding support.

A 3.42% fall on Sunday and a 6.61% slide on Monday were followed up with a 0.92% gain on Tuesday to stop the slide.

In spite of the sell-off, however, Binance Coin steered clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

The start of the week high fell well short of the first major resistance level at $17.87.

For the current week, Sunday through Tuesday, Binance Coin was down by 9.00% to $15.16.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’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 up by just 11.06% 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 up by 0.70% to $15.26. It was a mixed start to the day on Wednesday. Binance Coin fell to an early morning low $14.89 before striking a high $15.30.

Binance Coin continued to steer clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

For the remainder of the week

Binance Coin would need to break back through to $15.65 levels to support a run at the first major resistance level at $17.87.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.77.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test the first major resistance level before any pullback.

Failure to move back through to $15.65 levels could see Binance Coin fall deeper into the red.

A pullback through the current week low $14.75 would bring the 23.6% FIB of $14.40 and the first major support level at $14.41 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $14.41

Major Resistance Level: $17.87

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3