Binance Coin Mid-Week Analysis – Support Levels in Play – 23/09/20

It’s been a bearish start to the week for Binance Coin. A breakthrough to $29 levels would be needed to bring resistance levels into play…
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.

Binance Coin fell from a Sunday current week high $27.57 to a Monday current week low $21.98.

At the start of the week, Binance Coin fell well short of the first major resistance level at $31.20 and the pivot level at $28.48.

Coming up against the 23.6% FIB of $27.50, however, Binance Coin fell through the first major support level at $24.47. More significantly, the sell-off also saw Binance Coin also fall through the 38.2% FIB of $23.50.

Coming within range of the second major support at $21.75, Binance Coin found much-needed support on Tuesday.

A relatively bullish day on Tuesday saw Binance Coin break back through the 38.2% FIB of $23.50 to end the day at $24 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 11.45% to $24.06. A 12.29% tumble on Monday, following a 3.09% loss on Sunday delivered the early loss.

A 4.02% gain on Tuesday offset some of the losses, however.

The near-term bullish trend remained intact, in spite of the latest pullback, however. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.

It has been a particularly bullish start to the year in spite of a reversal, however. Having been up by as much as 101% year-to-date, Binance Coin was still up by 76.3% year-to-date.

At the time of writing, Binance Coin was up by 0.37% to $24.15. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $23.85 before rising to a high $24.44.

The first major support level at $24.47 pinned Binance Coin back early in the day.

For the remainder of the week

Binance Coin would need to move through the $28.48 pivot level to support a run at the first major resistance level at $31.20.

Support from the broader market would be needed, however, for Binance Coin to break back through the first major support level at $24.47.

Barring an extended crypto rebound, resistance at the 23.6% FIB of $27.5 would likely limit any upside.

In the event of an extended breakout, Binance Coin could test resistance at $30. Binance Coin would likely come up short of the first major resistance level at $31.20, however.

A fall back through the 38.2% FIB of $23.5 would bring the second major support level at $21.75 back into play.

Barring an extended crypto sell-off, however, Binance Coin should steer well clear of sub-$20 levels.

The 62% FIB sits at $17, with the second major support level sitting at $15.06.

Looking at the Technical Indicators

Major Support Level: $24.47

Major Resistance Level: $31.20

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

Most Recent

Top Articles