Binance Coin Mid-Week Analysis – Support Levels in Play – 10/06/20

Binance Coin Price Support

It’s been a particularly choppy 1st half of the week for Binance Coin.

At the start of the week, Binance Coin rose to a current week high 17.92 on Sunday before hitting reverse.

Falling well short of the first major resistance level at $19.13, Binance Coin tumbled to a Sunday current week low $16.61.

Steering clear of the first support level at $15.98, Binance Coin recovered to end the day at $17.42. In spite of the recovery, Binance Coin fell by 0.74% on Sunday.

Following a flat Monday, which saw Binance Coin gain just 0.17%, it was back into the red on a choppy Tuesday.

At the start of the day, Binance Coin struck an early morning high $17.69 before falling to a low $16.97.

While finding support from the broader market, Binance Coin fell by 0.36% on the day.

For the current week, Sunday through Tuesday, Binance Coin was down by 0.97% to $17.39.

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 just 27.40% 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 up by 0.10% to 17.41. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $17.32 before rising to high $17.51.

Binance Coin steered clear of the major support and resistance levels in the early part of the day.

BNB/USD 10/06/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $17.60 levels to support a run at the first major resistance level at $19.13.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.92

Barring an extended crypto rally ahead of the weekend, resistance at $18 would likely leave Binance Coin short of the first major resistance level.

In the event of another breakout, the 38.2% FIB of $19.4 would likely limit any upside in the week.

Failure to move back through to $17.60 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 $15.98 back into play.

Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $15.98

Major Resistance Level: $19.13

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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