Binance Coin Mid-Week Analysis – Support Levels in Play – 17/06/20

Binance Coin Price Support

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

While mixed, it was a bearish start to the week. Binance Coin slid from a Sunday current week high $16.88 to a Monday current week low $15.39.

Falling well short of the first major resistance level at $17.91, Binance Coin fell through the first major support level at $15.73.

Finding support at sub-$16, Binance Coin bounced back to a Tuesday high $16.84 before easing back on the day.

While breaking back through the first major support level, resistance at $17 pinned Binance Coin back mid-week.

For the current week, Sunday to Tuesday, Binance Con was down by 2.26% to $16.44.

Two days in the red out of three delivered the relatively modest loss. It could have been far worse had a late Monday rebound not materialized… A 1.6% loss on Sunday was the biggest daily move, though modest by recent standards.

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 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 20.44% 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 0.16% to $16.41. A mixed start to the day saw Binance Coin fall to an early Wednesday low $16.25 before rising to a high $16.59.

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

BNB/USD 17/06/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through the $16.80 pivot to support a run at the first major resistance level at $17.91.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.88 to $17 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.92 would likely cap any upside.

In the event of another breakout, the second major resistance level at $19.0 could come into play. Expect plenty of resistance at the previous week’s high $17.92 and first major resistance level, however.

Failure to move back through the $16.82 pivot could see Binance Coin fall deeper into the red.

A pullback through to sub-$16 levels would bring the first major support level at $15.73 back into play.

Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$15 levels.

Looking at the Technical Indicators

Major Support Level: $15.73

Major Resistance Level: $17.91

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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