Binance Coin Mid-Week Analysis – Resistance Levels in Play – 08/01/20

Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin.

Rallying from an early Sunday current week low $13.76, Binance Coin rallied to an early Tuesday high $15.32.

Binance Coin broke through the first major resistance level at $14.47 and the second major resistance level at $15.17.

Through the start of the week, Binance Coin had steered well clear of the first major support level at $12.98.

3 consecutive days in the green, which included a 6.6% rally on Monday, delivered an 8.99% gain, Sunday through Tuesday.

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 finding support in late December. 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 down by 0.83% to $14.91. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $14.66 to a current week high $15.60.

Binance Coin broke back through the second major resistance level at $15.17 before hitting reverse in the early hours.

BNB/USD 08/01/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $15 levels to bring the second major resistance level at $15.17 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the second major resistance level.

Barring a broad-based crypto rebound, resistance at $15 would likely continue to pin Binance Coin back.

In the event of an extended crypto rally through the week, the third major resistance level at $16.66 would likely come into play.

Failure to move back through to $15 levels could see Binance Coin hit reverse.

A pullback through the current week low $13.76 to sub-$13.65 levels would bring the first major support level at $12.98 into play

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

In the event of a sell-off, the first major support level at $12.98 should limit any downside in the week.

Looking at the Technical Indicators

Major Support Level: $12.98

Major Resistance Level: $14.47

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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