Binance Coin Mid-Week Analysis – Support Levels in Play – 11/09/19

Binance Coin Price Support

It’s been a bearish start to the week for Binance Coin, which had seen 3 consecutive days in the red going into Wednesday.

While losses on Sunday were limited to just 0.22%, a 1.25% fall on Monday and 1.67% fall on Tuesday did the damage.

Through the first part of the week, Binance Coin rose to an early Sunday current week high $22.8 before hitting reverse.

Falling well short of the first major resistance level at $23.74, Binance Coin slid to a Tuesday current week low $21.31.

A brief visit to a Monday high $22.78 was short-lived as the crypto bears pressured the broader market.

In spite of the pullback, Binance Coin steered clear of the first major support level at $21.09.

While down for the current week, Binance Coin was up by 3.37% for the current month. Last week’s 6.7% gain delivered the much-needed upside, with Binance Coin having tumbled by 24.24% in August.

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

Binance Coin is up by 244% year-to-date, with Binance Coin steering clear of the 62% FIB of $19. This is in spite of a pullback from June’s current year high $43.16.

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 0.32% to $21.69. Binance Coin rose to an early morning high $22.09 before sliding to a low 21.61.

Whilst continuing to steer clear of the major support and resistance levels, Binance Coin faces a 4th consecutive day in the red.

BNB/USD 11/09/19 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $22.4 levels to bring the first major resistance level at $23.74 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $22 levels.

Barring a broad-based crypto rally, last week’s high $23.66 and first major resistance level at $23.74 would likely cap any upside.

In the event of a particularly bullish 2nd half of the week, Binance Coin could visit $24 levels.

Failure to move through to $22.4 levels could see Binance Coin cough up gains from earlier in the week.

A fall back through the current week low $21.31 would bring the first major support level at $21.09 into play.

Barring a broad-based crypto meltdown, however, Binance Coin should steer clear of sub-$20 support levels.

Looking at the Technical Indicators

Major Support Level: $21.09

Major Resistance Level: $23.74

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

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