Binance Coin Mid-Week Analysis – Support Levels in Play – 02/10/19

Binance Coin Price Support

It’s been a mixed start to the week for Binance Coin, which saw Binance Coin take 3.4% hit on Sunday before finding support.

The reversal saw Binance Coin fall to a Monday current week low $14.58.

Steering well clear of the first major support level at $13.06, Binance Coin bounced back with a 4.3% gain on Monday.

Through a trend-bucking 2nd consecutive day in the green on Tuesday, Binance Coin struck a current week high $16.34.

Falling well short of the week’s first major resistance level at $19.72, Binance Coin slid back to sub-$16 levels late on Tuesday to limit the upside on the day.

The second consecutive day in the green, however, left Binance coin up by 0.95% for the current week, Sunday through Tuesday.

While up for the week, the near-term bearish trend formed at 22nd June’s swing hi $40.27 remained intact. Binance Coin continued to fall short of the 23.6% FIB of $21 following last week’s swing lo $14.34.

In spite of the bearish trend,  however, Binance Coin was up by 151.3% for the current year

For the bulls, a move back through to $24 levels will now be key to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.22% to $15.71. It was a  bearish start to the day. Binance Coin slid from a morning high $15.97 to a low $15.59 before finding support.

Binance Coin continued to leave the major support and resistance levels untested in the early hours of Wednesday.

BNB/USD 02/10/2019 Weekly Chart

For the remainder of the week

Binance Coin would need to break through the current week high $16.34 to $17 levels to support a run at the first major resistance level at $19.72.

Support from the broader market would be needed, however, for Binance to break out from $17 levels.

Barring a broad-based crypto rally through the 2nd half of the week, Binance Coin would likely fall well short of $18 levels.

Failure to move back through the current week high $16.34 could see Binance Coin struggle through the week.

A fall back through to Monday’s current week low $14.58 would bring sub-$14 levels into play before any recovery.

Barring an extended broad-based crypto sell-off, however, we would expect Binance Coin to steer clear of the first major support level at $13.06.

Looking at the Technical Indicators

 

Major Support Level: $13.06

Major Resistance Level: $19.72

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

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