Binance Coin Mid-Week Analysis – Resistance Levels in Play – 12/08/20

Binance Coin Price Support

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

Binance Coin fell by 2.30% on Sunday, before a Monday rally to a current week high $23.26.

In spite of a 1.01% gain on the day, Binance Coin came up short of the first major resistance level at $25.36.

Hitting reverse on Tuesday, Binance Coin tumbled by 5.94% to a current week low $20.52.

Despite the pullback, Binance Coin steered clear of the first major support level at $19.68 and 38.2% FIB of $19.40.

For the current week, Sunday through Tuesday, Binance Coin was down by 7.07% to $21.30. Two days in the red that included Monday’s 5.94% slide delivered the downside.

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 56.04% 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 2.07% to $20.86. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $21.35 to a low $20.66.

Binance Coin continued to steer clear of the major support and resistance levels early in the day.

BNB/USD 12/08/20 Daily Chart

For the remainder of the week

Binance Coin would need to move back through the $22.09 pivot level to support a run at the first major resistance level at $25.36.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $23.26.

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

In the event of another breakout, Binance Coin could test resistance at $27 before any pullback. Binance Coin would likely fall short of the 62% FIB of $27.3, however. The second major resistance level sits at $27.77.

Failure to move through the $22.09 pivot level would bring the first major support level at $19.68 and the 38.2% FIB of $19.40 into play.

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

Looking at the Technical Indicators

Major Support Level: $19.68

Major Resistance Level: $25.36

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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