Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/04/20

Binance Coin Price Resistance

 It’s been a mixed start to the week, with Binance Coin seeing 2 consecutive days in the green before seeing red on Tuesday.

The mixed start to the week saw Binance Coin fall to a Sunday current week low $15.91 before making a move.

Steering clear of the first major support level at $14.92, Binance Coin rallied to a Monday current week high $16.72 before easing back.

Falling short of the first major resistance level at $17.41, Binance Coin fell back to sub-$16.10 levels before finding support.

Following 0.81% and 0.34% gains on Sunday and Monday, a 0.31% decline on Tuesday limited the gains for the current week.

For the current week, Sunday through Tuesday, Binance Coin was up by 0.61% to $16.39.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’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 up by 20.07% 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 0.28% to 16.34. It was a bearish start to the day on Wednesday. Binance Coin fell from an early morning high $16.73 to a low $16.18.

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

BNB/USD 29/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to avoid a return to sub-$16 levels to support a run at the first major resistance level at $17.41.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $17.24

Barring an extended crypto rally ahead of the weekend, resistance at $17 would likely leave Binance Coin short of the first major resistance level.

In the event of a breakout, Binance Coin could test resistance at $18 before any pullback.

Failure to avoid sub-$16 levels could see Binance Coin hit reverse.

A pullback through the current week low $15.91 would bring the first major support level at $14.92 into play.

Barring an extended crypto sell-off, however, Binance Coin should steer clear of the 23.6% FIB of $14.40.

Looking at the Technical Indicators

Major Support Level: $14.92

Major Resistance Level: $17.41

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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