Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/07/20

Binance Coin Price Resistance

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

Binance Coin rallied from a Sunday current week low $14.89 to a Monday current week high $15.77 before easing back.

Steering clear of the first major support level at $14.29, Binance Coin also fell well short of the first major resistance level at $16.45. The breakout did see Binance Coin move through the week’s pivot level at $15.60 before the pullback.

A mixed day on Tuesday saw Binance Coin ease back through the pivot to sub-$15.40 levels before finding support.

Avoiding a return to sub-$15 levels was key as the broader market struggled on the day on Tuesday.

For the current week, Sunday through Tuesday, Binance Coin was up by 1.79% to $15.39. 2 consecutive days in the green delivered the upside, while a 0.51% fall on Tuesday, limited early progress…

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 12.75% 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 0.23% to $15.35. A bearish start to the day saw Binance Coin fall from an early morning high $15.48 to a low $15.30.

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

BNB/USD 01/07/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through the $15.60 pivot to support another run at the first major resistance level at $16.45.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $15.77.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.92 would likely cap any upside.

In the event of another breakout, the second major resistance level at $17.76 could come into play. Expect plenty of resistance at $17, however.

Failure to move back through the $15.60 pivot could see Binance Coin fall deep into the red.

A pullback through to sub-$15 levels would bring the first major support level at $14.29 back into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $14.29

Major Resistance Level: $16.45

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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