Binance Coin Mid-Week Analysis – Support Levels in Play – 18/03/20

Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin, with Binance Coin seeing 2-days in the green out of 3 going into Wednesday.

A bullish start to the week saw Binance Coin rise to a Sunday current week high $11.91 before hitting reverse.

Falling well short of the first major resistance level at $18.22, Binance Coin slid to a Monday current week low $8.19.

Steering clear of the first major support level at $4.24, Binance Coin bounced back to $10.00 levels.

The moves through the early part of the week saw Binance Coin rise by 2.13% on Sunday, before tumbling by 8.78% on Monday.

Risk aversion seen across the global equity markets weighed on the crypto markets on Monday.

A pickup in risk appetite across the global financial markets on Tuesday delivered an 8.8% rebound, however, to leave Binance Coin up by 1.48% for the current week, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by the current reversal and last week’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was down by 24.69% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.3% to $10.14. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $10.54 before falling to a low $19.97

Binance Coin continued to leave the major support and resistance levels untested.

BNB/USD 18/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring a broad-based crypto rebound ahead of the weekend, resistance at $11 would likely cap any upside.

In the event of a breakout, Binance Coin could visit $12 levels before any pullback.

Failure to break back through to $12.30 levels could see Binance Coin hit reverse.

A pullback through to sub-$10 levels would bring $6 levels back into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $4.24.

Looking at the Technical Indicators

Major Support Level: $4.24

Major Resistance Level: $18.22

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

Leave a Reply

Your email address will not be published. Required fields are marked *