Binance Coin Mid-Week Analysis – Resistance Levels in Play – 04/03/20

Binance Coin Price Resistance

It’s been a mixed start to the week for Binance Coin, which saw 2-days in the red out of the 3 through the start of the week.

A bearish start to the week saw Binance Coin fall to a Sunday current week low $18.41 before finding support.

While steering clear of the first major support level at $16.74, Binance Coin fell through the 23.6% FIB of $18.8 before finding support.

A 5.45% rally on Monday reversed a 1.69% fall from Sunday, leading Binance Coin to a Tuesday current week high $20.52.

Whilst falling well short of the first major resistance level at $22.64, Binance Coin broke back through the 23.6% FIB.

A bearish Tuesday limited the upside for the current week, however. Binance Coin fell by 1.32% to return to sub-$20 levels, leaving Binance Coin up by just 2.32% for the current week.

The near-term bearish trend remained intact in spite of the upward trend, 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 44.1% 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 up by 2.76% to $20.22. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $19.58 to a high $20.29.

In spite of the bullish start to the day, Binance Coin continued to leave the major resistance levels untested.

BNB/USD 04/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $20.52 to bring the first major resistance level at $22.64 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through the 38.2% FIB of $22.90.

Barring a broad-based crypto rebound ahead of the weekend, Binance Coin would likely come up short of $23 levels.

In the event of an extended rally going into the weekend, Binance Coin could revisit last week’s high $23.55 before any pullback.

Failure to break back through to $22.52 levels could see Binance Coin fall back into the red.

A pullback through to sub-$20.14 levels would bring the first major support level at $16.74 into play.

Barring an extended crypto meltdown, however, Binance Coin should steer clear of sub-$18 levels. The 23.6% FIB of $18.8 and the current week low $18.41 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $16.74

Major Resistance Level: $22.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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