Binance Coin Mid-Week Analysis – Resistance Levels in Play – 12/02/20

Binance Coin Price Resistance

It’s been a particularly 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 $21.74, Binance Coin struck a Tuesday current week high $26.69 before easing back.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $23.74 and second major resistance level at $25.69.

Of greater significance, however, was a breakthrough the 38.2% FIB of $22.90.

For the current week, Binance Coin was up by 18.29%, Sunday through to Tuesday.

An 11.9% rally on Sunday delivered the lion’s share of the gains. Support came from 3% and 2.5% gains on Monday and Tuesday.

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

It’s been a bullish start to the year, however, with Binance Coin up by 113% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.64% to $25.65. It was a bearish start to the day on Wednesday.  Binance Coin fell from an early morning high $26.09 to a low $25.41 early on.

The pullback saw Binance Coin fall back through the second major resistance level at $25.69.

BNB/USD 12/02/20 Daily Chart

For the remainder of the week

Binance Coin would need to break back through the second major resistance level at $25.69 to support a run at the 62% FIB of $29.5.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $26.69.

Barring an extended rally going into the weekend, resistance at $27 would likely cap any upside.

In the event of an extended rally, the 38.2% FIB of $29.5 could come into play late in the week.

Failure to break back through the second major resistance level could see Binance Coin hit reverse.

A pullback through the first major resistance level at $23.74 to sub-$20.70 levels would be needed, however, to bring the first major support level at $18.76 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$20 levels.

Looking at the Technical Indicators

Major Support Level: $18.76

Major Resistance Level: $23.74

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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