Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/01/20

Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin, which saw 3 consecutive days in the green.

Rallying from an early Sunday current week low $16.74, Binance Coin struck a Tuesday current week high $18.78.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $18.21.

The breakout saw Binance Coin come up against the 23.6% FIB of $18.8 before easing back.

A late pullback on Tuesday saw Binance Coin fall back through the first major resistance level.

For the current week, Binance Coin was up by 7.22%, Sunday through to Tuesday.

A 3.2% rally on Sunday and 2.69% gain on Tuesday delivered the upside through the early part of the week.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and December’s swing lo $12.11.

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.

At the turn of the year, Binance Coin had enjoyed 4 consecutive weeks in the green before last week’s 4.78% loss.

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 0.56% to $18.02. A mixed start to the day on Wednesday saw Binance Coin fall from an early morning high $18.21 to a low $17.91 before finding support.

Binance Coin came up against the first major resistance level at $18.21 before easing back.

BNB/USD 29/01/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through the first major resistance level at $18.21 to support another run at the 23.6% FIB of $18.8.

Support from the broader market would be needed, however, for Binance Coin to break through to $19 levels.

Barring an extended rally going into the weekend, the 23.6% FIB and resistance at $19 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $19.51 would come into play.

Failure to move back through the first major resistance level could see Binance Coin hit reverse.

A pullback through to sub-$17.30 levels would bring the first major support level at $15.97 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $15.97

Major Resistance Level: $18.21

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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