Binance Coin Mid-Week Analysis – Resistance Levels in Play – 15/07/20

Binance Coin Price Resistance

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

The start of the week was bullish. Binance Coin rallied from a Sunday current week low $17.45 to a Monday current week high $19.06 before seeing red.

Off the back of 2 consecutive days in the green, Binance Coin broke through the first major resistance level at $18.62.

Falling short of the second major resistance level at $19.62, Binance Coin slid back to sub-$17.70 levels on Tuesday.

In spite of the mixed week, Binance Coin steered clear of sub-$16 and the first major support level at $15.85.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.55% to $18.07. Two consecutive days in the green delivered the upside. Binance Coin saw gains of 3.96% and 0.34% on Monday and Tuesday respectively before a 1.72% slide on Tuesday.

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 reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 32.38% 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 0.21% to $18.03. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $18.16 before falling to a low $17.99.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 15/07/20 Daily Chart

For the remainder of the week

Binance Coin would need to break back through the first major resistance level to support another run at $19 levels.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $19.06.

Barring an extended crypto rally, resistance at $19 would likely continue to limit any upside.

In the event of another breakout, a breakthrough the second major resistance level at $19.62 and 38.2% FIB of $19.4 would be likely.

Failure to move back through to the first major resistance level could see Binance Coin hit reverse.

A pullback through to sub-$17 and the $16.85 pivot would bring the first major support level at $15.85 into play.

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

Looking at the Technical Indicators

Major Support Level: $15.85

Major Resistance Level: $18.62

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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