Binance Coin Mid-Week Analysis – Resistance Levels in Play – 18/09/19

Binance Coin Price Resistance

It’s been a choppy start to the week for Binance Coin, which saw red for 2-consecutive days before finding support on Tuesday.

A 3.3% slide on Sunday and a bearish start to the day on Monday saw Binance Coin slide to a Monday current week low $19.81.

The reversal saw Binance Coin come within range of the first major support level at $19.49.

A recovery through Monday limited the loss on the day to just 0.25%.

Finding support from the broader market, Binance Coin rallied by 3.95% on Tuesday, striking a late Tuesday current week high $21.45.

In spite of the recovery, Binance Coin came up well short of the first major resistance level at $22.64.

Key through the early part of the week, however, was a break back through to and hold onto $21 levels.

Tuesday’s rally reversed losses from the start of the week to leave Binance Coin up by 0.24% at $21.05, Sunday through Tuesday.

While up for the current week, Binance Coin was flat for the current month. Last week’s 6.7% slide reversed a bullish start to the month. The Binance Coin bulls have some way to go before reversing August’s 24.24% slide.

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

Binance Coin was up by 233% year-to-date, with Binance Coin managing to steer clear of the 62% FIB of $19 in spite of the pullback from June’s current year high $43.16.

For the bulls, a move back through to $22 levels will now be key to maintaining the upward momentum for the current year…

At the time of writing, Binance Coin was up by 2.97% to $21.68. Recovering from an early dip to a morning low $20.88, Binance Coin rallied to an early morning high $22.00.

Binance Coin came up short of the first major resistance level at $22.64 in spite of the early rally.

BNB/USD 18/09/19 Daily Chart

For the remainder of the week

Binance Coin would need to steer clear of $21.15 levels to support a run at the first major resistance level at $22.64.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $22.00.

In the event of an extended broad-based crypto rally, the second major resistance level at $24.30 could come into play.

We would expect Binance Coin to continue to come up short of the 38.2% FIB of $28, however.

Failure to steer clear of $21.15 levels could see Binance Coin resume the downward trend from last week.

A fall back through the current week low $19.81 would bring the first major support level at $19.49 into play.

Barring a broad-based crypto meltdown, however, Binance Coin should steer clear of the 62% FIB of $19 and sub-$19 levels.

Looking at the Technical Indicators

Major Support Level: $19.49

Major Resistance Level: $22.64

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

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