Binance Coin Mid-Week Analysis – Support Levels in Play – 27/11/19

Binance Coin Price Support

A bearish start to the week saw Binance coin slide from a Sunday current week high $16.53 to a Monday current week low and new swing lo $13.88 before finding support.

Falling well short of the first major resistance level at $19.52, Binance Coin fell through the first major support level at $13.94.

Of greater significance was the further distance from the 23.6% FIB of $21.

After the bearish Sunday that left Binance Coin down by 7.65% for the day, Binance Coin found support through Monday and Tuesday.

Two consecutive days in the green cut the current week deficit to 5.47%. Binance Coin also moved back through the first major support level to $15 levels.

The near-term bearish trend remained intact, however, supported by the current week loss and new swing lo. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.27% to $15.18.

A mixed start to the day saw Binance Coin rise to an early morning high $15.59 before falling to a low $15.08

Binance Coin steered clear of the major support and resistance levels early on in the day on Wednesday.

BNB/USD 27/11/19 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $16.53 to $17 levels to support a run at the first major resistance level at $19.52.

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

Barring an extended rally into the weekend, however, Binance Coin would likely come up short of $17 levels.

Through the middle of the week, Binance Coin will need to steer clear of sub-$15 levels to support any recovery.

Failure to move back through the current week high could see Binance Coin fall deeper into the red.

A pullback through to $14 levels would bring the first major support level at $13.94 into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$13 levels in the week.

Looking at the Technical Indicators

Major Support Level: $13.49

Major Resistance Level: $19.52

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

Leave a Reply

Your email address will not be published. Required fields are marked *