Binance Coin Mid-Week Analysis – Support Levels in Play – 25/12/19

It’s been a choppy week for BNB and the majors. Holding onto minor gains could prove to be a challenge this week…
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Binance Coin Price Support

It was a mixed first half of the week for Binance Coin.

A bullish start to the week saw Binance Coin rally to a Monday current week high $14.05 before hitting reverse.

Falling short of the week’s first major resistance level at $14.58, Binance Coin slid to a Monday current week low $13.14.

In spite of a 3.6% slide on Monday, Binance Coin steered clear of the first major support level at $12.07.

Range-bound on Tuesday, Binance Coin rose by 0.23% on the day to reverse losses from the start of the week.

For the current week, Sunday through Tuesday, Binance Coin was up by 0.08% to $13.33.

The near-term bearish trend remained intact, supported by the current week loss and new swing lo. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.

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 0.91% to $13.21. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $13.40 to a morning low $13.17.

In spite of the early moves, Binance Coin continued to leave the major support and resistance levels untested.

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For the remainder of the week

Binance Coin would need to move back through to $13.35 levels to bring the first major resistance level at $14.59 into play

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $14.05.

Barring a broad-based crypto rebound, the first major resistance level at $14.58 would likely pin Binance Coin back in the week.

Failure to move through to 13.35 levels could see Binance Coin slide back into the red.

A pullback through the current week low $13.14 would bring the first major support level at $12.07 into play

Barring a crypto meltdown support at $12 levels should limit the downside in the 2nd half of the week.

Looking at the Technical Indicators

Major Support Level: $12.07

Major Resistance Level: $14.58

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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