Binance Coin Mid-Week Analysis – Support Levels in Play – 03/06/20

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.

BNB/USD 03/06/20 Weekly Chart

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

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