Binance Coin Mid-Week Analysis – Support Levels in Play – 06/05/20

Binance Coin Price Support

It’s been a bearish start to the week, with Binance Coin seeing 3 consecutive days in the red.

The bearish start to the week saw Binance Coin rise to a Sunday current week low $18.04 before hitting reverse.

Falling well short of the first major resistance level at $19.49, Binance Coin fell to a Monday current week low $16.14.

Steering clear of the first major support level at $15.32, Binance Coin moved back through to $17.7 levels on Tuesday before falling back into the red.

For the current week, Binance Coin was down by 3.65% to $16.91, Sunday through Tuesday. A 2.47% fall on Sunday coupled with losses on Monday and Tuesday did the damage.

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 downward trend. Having been up by as much as 101% year-to-date, Binance Coin was up by 23.88% 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 0.62% to $16.81. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $16.93 to a low $16.78.

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

BNB/USD 06/05/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $17.25 levels to support a run at the first major resistance level at $19.49 and 38.2% FIB of $19.40.

Support from the broader market would be needed, however, for Binance Coin to breakout from last week’s high $19.16.

Barring an extended crypto rally ahead of the weekend, resistance at $19 would likely leave Binance Coin short of the first major resistance level.

In the event of a breakout, Binance Coin could test resistance at $20 before any pullback.

Failure to move back through to $17.25 could see Binance Coin fall deeper into the red.

A pullback through to the current week low $16.14 would bring the first major support level at $15.32 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: $15.32

Major Resistance Level: $19.49

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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