Binance Coin Analysis – Resistance Levels in Play – 14/08/19

Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin.

A Sunday fall to an intraday low $29.13 saw Binance Coin steer well clear of the week’s first major support level at $26.51. Finding support through to early Monday, Binance Coin rallied to a Monday intraday high $30.63.

Falling well short of the first major resistance level at $32.42, Binance Coin slid to a Tuesday intraday low $28.92.

In spite of the reversal, Binance Coin steered clear of the 38.2% FIB of $28 and first major support level at $26.51.

Support through Tuesday afternoon limited the downside for the day and the current week.

A second consecutive day in the red, however, left Binance Coin down by 0.71%, Sunday through Tuesday.

Following 5 consecutive months in the green, June and July saw Binance Coin pullback from $40 levels.

In spite of the bearish start to the current week, however, Binance Coin has managed to hold onto positive territory for the current month. Through to the end of Tuesday, Binance Coin was up by 5.58% in August.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact.

Binance Coin is up by 364% year-to-date, with Binance Coin managing to steer clear of the 38.2% FIB of $28 in the current week.

For the bulls, steering clear of sub-$20 levels will be key to maintaining the upward momentum for the current year…

At the time of writing, Binance Coin was down by 0.5% to $29.20. A bearish start to the morning saw Binance Coin fall from an early morning high $29.45 to a low $29.06.

In spite of the early pullback, Binance Coin continued to steer clear of the 38.2% FIB of $28.

BNB/USD 14/08/19 Weekly Chart

For the remainder of the week

Binance Coin would need to hold onto $29 levels through the middle of the week to support a move through to $30 levels.

Binance Coin would need the support of the broader market, however, to take a run at the first major resistance level at $32.42.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $32.2 would likely limit any upside.

In the event of a crypto rebound, the 23.6% FIB of $34 could come into play before any pullback.

Failure to hold onto $29 levels would see Binance Coin fall through the 38.2% FIB of $28.

Barring a broad-based crypto meltdown, however, Binance Coin should steer clear of the first major support level at $26.51.

Looking at the Technical Indicators

 

Major Support Level: $26.51

Major Resistance Level: $32.42

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

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