Binance Coin Mid-Week Analysis – Support Levels in Play – 23/10/19

After a bullish start to the week, Binance Coin is heading for a 3rd consecutive day in the red. Support levels are in play going into the 2nd half of the week.
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Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin, which was up by 0.61%, Sunday through Tuesday.

A bearish start to the week saw Binance Coin fall to an early Sunday current week low $17.76 before finding support.

Steering clear of the first major support level at $17.16, Binance Coin bounced back to $18 levels to end the day in the green.

A bearish Monday, however, saw Binance Coin fall back to sub-$18 levels once more before finding support.

Binance Coin fell by 1.22% on Monday before rallying to a Tuesday current week high $18.84.

Falling short of the first major resistance level at $19.24, Binance Coin hit reverse through the afternoon to end the day in the red.

After the bullish start to the week, 2 consecutive days in the red and a particularly bearish end to Tuesday limited the upside for the current week.

The near-term bearish trend remained intact, in spite of 2 consecutive weeks in the green. Binance Coin continued to fall short of the 23.6% FIB of $21.

For the bulls, Binance coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 2.15% to $17.85. A particularly bearish start to the day on Wednesday saw Binance Coin fall back through to sub-$18 levels.

In spite of the reversal of gains from earlier in the week, Binance Coin left the major support levels untested.

For the remainder of the week

Binance Coin would need to hit $18.20 levels to support a run at the first major resistance level at $19.24.

Support from the broader market would be needed, however, for Binance Coin to break through the current week high $18.84.

Barring a broad-based crypto rally through the rest of the week, Binance Coin would likely continue to come up short of $20 levels.

The first major resistance level and last week’s high $19.19 would likely cap any upside in the week.

Failure to move back through the current week high $18.84 could see Binance Coin fall deeper into the red.

A pullback through the current week low $17.76 would bring the first major support level at $17.16 into play.

Barring a broad-based crypto meltdown, however, we would expect Binance Coin to steer clear of the second major support level at $16.10.

In the event of an extended reversal, Binance Coin could visit sub-$17 levels before any recovery. We would expect the second major support level at $16.10 to prevent a visit to sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $19.24

Major Resistance Level: $17.16

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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