Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/01/20

Binance Coin Price Resistance

The first half of the week was a mixed one for Binance Coin.

It was a bullish start to the week, however. Binance Coin rallied from a Sunday current week low $13.54 to a Monday current week high $14.37 before hitting reverse.

Binance Coin broke through week’s first major resistance level at $14.19 before sliding back to sub-$13.60 levels on Tuesday.

Two consecutive days in the red reversed a 3.26% rally on Sunday to leave Binance Coin up by just 0.15% for the current week.

In spite of the reversal and Sunday low, however, Binance Coin managed to steer clear of the week’s first major support level at $12.98.

The near-term bearish trend remained intact, supported by a string of weekly losses and December’s swing lo $12.11. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.

The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before last week’s 2.5% gain. The reversal had included a 19.3% slide in the final week of November.

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 up by 0.61% to $13.75. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $13.62 to a high $13.84.

Binance Coin left the major support and resistance levels untested through the early part of the day.

BNB/USD 01/01/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $13.80 levels to bring the first major resistance level at $14.19 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $14.00 levels.

Barring a broad-based crypto rebound, the first major resistance level at $14.19 and current week high $14.37 would likely pin Binance Coin back in the week.

Failure to move through to 13.80 levels could see Binance Coin slide back into the red.

A pullback through the current week low $13.54 would bring the first major support level at $12.98 into play

Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.30.

Looking at the Technical Indicators

Major Support Level: $12.98

Major Resistance Level: $14.19

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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