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.

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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