Binance Coin Mid-Week Analysis – Support Levels in Play – 25/03/20

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin rose to a Sunday high $12.53 before hitting reverse.

Falling well short of the major resistance levels, Binance Coin slid to an early Monday current week low $10.59.

In spite of a 7.88% slide on Sunday, Binance Coin steered clear of the first major support level at $8.73.

Finding support on Monday, Binance Coin bounced back from the early low to strike a Tuesday current week high $12.99.

In spite of a 9.66% rally on Monday, Binance Coin came up short of the first major resistance level at $14.94.

While easing back from $12.9 levels, Binance Coin held onto $12 levels going into the mid-week sessions.

For the current week, Sunday through Tuesday, Binance Coin was up by just 2.89%.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and a March 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, with Binance Coin was down by 8.64% 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 1.75% to $12.25. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $12.57 to a low $12.17.

Binance Coin continued to steer well clear of the major support and resistance levels.

BNB/USD 25/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $12.99 to support another run at the first major resistance level at $14.94 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $13 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.

We would expect Binance Coin to come up short of the 23.6% FIB of $14.4, however.

Failure to move back through the current week high $12.99 could see Binance Coin hit reverse.

A pullback through to sub-$11.56 levels would bring sub-$10 levels into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $8.73.

Looking at the Technical Indicators

Major Support Level: $8.73

Major Resistance Level: $14.94

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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