Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/07/20

Binance Coin Price Resistance

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

Binance Coin saw red on Sunday, falling by 1.38% before 2 consecutive days in the green on Monday and Tuesday.

Binance Coin rose to a Sunday current week high 20.91 before hitting reverse.

Falling short of the first major resistance level at $21.16, Binance Coin slid to a Monday current week low $18.03.

Steering clear of the first major support level at $17.68, Binance Coin bounced back to $20 levels.

While leaving the major support and resistance levels untested, Binance Coin broke through the 38.2% FIB of $19.40.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.02% to $20.24. Two days in the green, that included a 2.33% rally on Tuesday delivered the upside. The 1.38% fall on Sunday 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 48.28% 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 0.04% to $20.24. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $20.51 before falling to a low $19.94.

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

BNB/USD 29/07/20 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $19 pivot to support a run at the first major resistance level at $21.16.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $20.77.

Barring an extended crypto rally, the first major resistance level at $21.16 would likely continue to limit any upside.

In the event of another breakout, the second major resistance level at $22.46 would likely come into play.

Failure to avoid a fall back through to the pivot level at $19 would bring the first major support level at $17.68 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$19 levels.

The 38.2% FIB of $19.40 should limit the downside in the week.

Looking at the Technical Indicators

Major Support Level: $17.68

Major Resistance Level: $21.16

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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