Binance Coin Mid-Week Analysis – Support Levels in Play – 26/02/20

It’s a bearish week for Binance Coin, which is eyeing a 3rd consecutive day in the red. Failure to move through to $22.70 levels could bring more losses.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It’s been another choppy 1st half of the week for Binance Coin, which saw 2 days in the red out of 3.

A bullish start to the week saw Binance Coin rise to a Monday current week high $23.55 before hitting reverse.

While falling short of the first major resistance level at $24.55, Binance Coin broke through the 38.2% FIB of $22.9.

The reversal saw Binance Coin fall to a Tuesday low $19.95 before finding support.

Binance Coin fell through the 38.2% FIB of $22.9 and the first major support level at $20.16 before support kicked in.

Late in the day on Tuesday, Binance Coin broke back through the first major support level to reduce the deficit on the day.

For the current week, Binance Coin was down by 7.73 % to $20.28, Sunday through to Tuesday. The losses for the current week came off the back of a 3.56% fall on Monday and an 8.32% slide on Tuesday.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and December’s swing lo $12.11.

It’s been a bullish start to the year, however, with Binance Coin up by 48.6% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 4.16% to $19.43. A bearish start to the day on Wednesday saw Binance Coin slide from a morning high $20.52 to a low $18.93.

Binance Coin fell through the first major support level at $20.16 to test support at the 23.6% FIB of $18.8.

For the remainder of the week

Binance Coin would need to break back through the first major support level and hit $22.70 levels to support a run at the first major resistance level at $24.55.

Support from the broader market would be needed, however, for Binance Coin to break back through the 38.2% FIB of $22.90.

Barring a broad-based crypto rebound ahead of the weekend, Binance Coin would likely come up short of $24 levels.

In the event of an extended rally, the first major resistance level at $24.55 would likely limit any upside.

Failure to break back through to $22.70 levels could see Binance Coin fall deeper into the red.

A pullback through the current week low $18.93 would bring the second major support level at $18.33 back into play.

Barring an extended crypto meltdown, however, Binance Coin should steer clear of sub-$18 levels.

Looking at the Technical Indicators

Major Support Level: $20.16

Major Resistance Level: $24.55

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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