Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/04/20

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin fell to a Monday current week low $11.03 before finding support.

Steering clear of the first major support level at $10.69, Binance Coin struck a Monday current week high $12.85.

Falling well short of the first major resistance level at $13.64, Binance Coin eased back to sub-$12 levels.

Support in the week, however, prevented a slide back to the current week low. 2 consecutive days in the green reversed a 7.59% slide on Sunday.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.45% to $12.56.

The near-term bearish trend remained intact, however, supported by the late 2019 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, with Binance Coin was down by 7.99% year-to-date.

The 1st quarter slide came from a 34.72% tumble in March, with Binance Coin sitting well below a current year high $27.51.

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 up by 0.13% to $12.58. A mixed start to the day on Wednesday saw Binance Coin slide to an early morning low $12.14 before striking a high $12.73.

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

BNB/USD 01/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $12.85 to support another run at the first major resistance level at $13.64 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through last week’s high $13.54.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13.5 would likely continue to cap any upside.

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

Failure to move back through the current week high $12.85 could see Binance Coin hit reverse.

A pullback through to sub-$12.10 levels would bring the first major support level at $10.69 into play.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of sub-$10.00 support levels.

Looking at the Technical Indicators

Major Support Level: $10.69

Major Resistance Level: $13.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

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