Binance Coin Mid-Week Analysis – Resistance Levels in Play – 22/07/20

Binance Coin Price Resistance

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

Binance Coin fell to a Sunday current week low $16.88 before finding support.

Steering clear of the first major support level at $16.06, Binance Coin rallied to a Monday current week high $18.39.

Coming up short of the first major resistance level at $18.66, Binance Coin slid back to sub-$17.20 levels.

A relatively bullish Tuesday, however, supported a move back through to $17.70 levels to deliver the early gains.

For the current week, Sunday through Tuesday, Binance Coin was up by 3.26% to $17.72. Two days in the green, that included a 5.00% rally on Sunday delivered the upside. A 3.05% slide on Monday limited the upside, however.

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 29.82% 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 0.10% to $17.70. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $17.63 before rising to a high $17.87.

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

BNB/USD 22/07/20 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $17.56 pivot to support a run at the first major resistance level at $18.66.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $18.39.

Barring an extended crypto rally, the first major resistance level and resistance at $19 would likely continue to limit any upside.

In the event of another breakout, the 38.2% FIB of $19.4 would likely come into play.

Failure to avoid a fall back through to the pivot level at $17.56 would bring the first major support level at $16.06 into play.

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

Looking at the Technical Indicators

Major Support Level: $16.06

Major Resistance Level: $18.66

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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