Binance Coin Mid-Week Analysis – Support Levels in Play – 27/05/20

It’s a bearish first half of the week. Failure to move back through to $16.50 levels will bring support levels into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It’s been a relatively bearish but also relatively choppy 1st half of the week.

A mixed start to the week saw Binance Coin rise to a Sunday current week high $16.81 before hitting reverse.

Falling well short of the first major resistance level at $17.73, Binance Coin slid to an early Monday current week low $15.73.

Steering clear of the first major support level at $14.02, Binance Coin recovered to $16.50 levels before easing back.

For the current week, Binance Coin was down by 1.64% to $16.21, Sunday through Tuesday.

Two days in the red out of 3 that included a 3.09% slide on Sunday delivered the downside in the 1st half of the week.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s 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, Binance Coin was up by 18.75% 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 0.21% to $16.18. it was a mixed start to the day on Wednesday. Binance Coin rose to an early morning high $16.41 before falling to a low $16.12.

Binance Coin continued to leave the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to move back through to $16.50 levels to support a run at the first major resistance level at $17.54.

Support from the broader market would be needed, however, for Binance Coin to breakout from Sunday’s current week high $16.81.

Barring an extended crypto rally ahead of the weekend, resistance at $17 would likely leave Binance Coin short of the first major resistance level.

In the event of a breakout, a visit to $18 levels could be on the cards before any pullback.

Failure to move back through to $16.50 levels could see Binance Coin slide deeper into the red.

A pullback through to sub-$16 and the current week low $15.73 would bring the first major support level at $15.43 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back to sub-$15 levels.

Looking at the Technical Indicators

Major Support Level: $15.43

Major Resistance Level: $17.54

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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