Binance Coin Mid-Week Analysis – Support Levels in Play – 25/03/20

It’s been a choppy first half of the week, with early gains eroded early on. A move through to $13 levels would signal a breakout…
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin rose to a Sunday high $12.53 before hitting reverse.

Falling well short of the major resistance levels, Binance Coin slid to an early Monday current week low $10.59.

In spite of a 7.88% slide on Sunday, Binance Coin steered clear of the first major support level at $8.73.

Finding support on Monday, Binance Coin bounced back from the early low to strike a Tuesday current week high $12.99.

In spite of a 9.66% rally on Monday, Binance Coin came up short of the first major resistance level at $14.94.

While easing back from $12.9 levels, Binance Coin held onto $12 levels going into the mid-week sessions.

For the current week, Sunday through Tuesday, Binance Coin was up by just 2.89%.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and a March 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, with Binance Coin was down by 8.64% 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 down by 1.75% to $12.25. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $12.57 to a low $12.17.

Binance Coin continued to steer well clear of the major support and resistance levels.

For the remainder of the week

Binance Coin would need to break back through the current week high $12.99 to support another run at the first major resistance level at $14.94 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $13 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.

We would expect Binance Coin to come up short of the 23.6% FIB of $14.4, however.

Failure to move back through the current week high $12.99 could see Binance Coin hit reverse.

A pullback through to sub-$11.56 levels would bring sub-$10 levels into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $8.73.

Looking at the Technical Indicators

Major Support Level: $8.73

Major Resistance Level: $14.94

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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