Binance Coin Price Support
It’s been bearish but also a relatively choppy 1st half of the week for Binance Coin.
A bearish start to the week saw Binance Coin slide by 3.7% on Sunday, leading to a Monday low $16.47.
Steering clear of the first major support level at $16.17, Binance Coin rallied to a Monday current week high $19.15.
Binance Coin broke through the first major resistance level at $18.68 before hitting reverse.
The pullback saw Binance Coin fall through the first major resistance level to wrap up the day at sub-$18 levels on Monday.
Following a 5.03% rally on Monday, Binance Coin tumbled by 3.7% on Tuesday, leading to a Tuesday current week low $16.00.
Binance Coin also fell through the first major support level at $16.17 before wrapping up the day at $17 levels. The first major resistance level at $18.68 had pinned Binance Coin back in the early part of the day on Tuesday.
For the current week, Sunday through Tuesday, Binance Coin was down by 2.59% to $17.28.
Just the 1-day in the green out of 3 limited the downside in the 1st half of the week.
The near-term bearish trend remained intact, 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 26.59% 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 0.69% to 17.16. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $17.34 to a low $17.05.
Binance Coin steered clear of the major support and resistance levels in the early part of the day.
For the remainder of the week
Binance Coin would need to move back through to $18 levels to support another run at the first major resistance level at $18.68.
Support from the broader market would be needed, however, for Binance Coin to break back through to $18 levels.
Barring an extended crypto rally ahead of the weekend, the first major resistance level would likely cap any upside.
In the event of another breakout, the 38.2% FIB of $19.4 and second major resistance level at $19.62 could come into play.
Failure to move back through to $18 levels could see Binance Coin fall deeper into the red.
A pullback through to sub-$17 levels would bring the first major support level at $16.17 back into play.
Barring another extended crypto sell-off, however, Binance Coin should avoid a fall back to sub-$16 levels.
Looking at the Technical Indicators
Major Support Level: $16.17
Major Resistance Level: $18.68
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3