Binance Coin Mid-Week Analysis – Resistance Levels in Play – 05/08/20

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 3.18% before 2 consecutive days in the green on Monday and Tuesday.

The bearish start saw Binance Coin fall from a Sunday high $22.95 to a Sunday current week low $18.83 before making a move.

Coming up against the first major resistance level at $22.97, Binance Coin fell through the first major support level at $19.18.

More significantly, Binance Coin fell through the 38.2% FIB of $19.4 before striking a Monday high $23.02.

Moving back through the first major support levels and 38.2% FIB, Binance Coin broke through the first major resistance level at $22.97.

In spite of the 2 consecutive days in the green, however, the first major resistance level continued to pin Binance Coin back.

For the current week, Sunday through Tuesday, Binance Coin was up by 3.10% to $22.30. The two days in the green, that included a 5.36% rally on Monday delivered the upside.

The near-term bearish trend remained intact, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It had been a particularly bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 63.37% 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 3.04% to $22.98. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $21.96 to a current week high $23.39

Binance Coin broke back through the first major resistance level at $22.97 early on.

BNB/USD 05/08/20 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through to sub-$22 levels to support a run at the second major resistance level at $24.29.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $23.39.

Barring an extended crypto rally, the second major resistance level would likely limit any upside.

In the event of another breakout, Binance Coin could test resistance at $25 before any pullback.

Failure to avoid a fall back through to sub-$22 levels could see Binance Coin give up the current week gains.

A fall through the pivot level at $20.50 pivot level would bring the 38.2% FIB of $19.40 and the first major support level at $19.18 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$21 levels.

Looking at the Technical Indicators

Major Support Level: $19.18

Major Resistance Level: $22.97

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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