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.

[fx-image src=https://www.tradingview.com/x/ovloYPt6/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/ovloYPt6/]

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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