Binance Coin Mid-Week Analysis – Resistance Levels in Play – 02/09/20

Binance Coin Price Resistance

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

Binance Coin rose to a Monday high $24.08 before hitting reverse. Falling short of the first major resistance level at $24.35, Binance Coin slid to a Tuesday current week low $22.29.

Steering clear of the first major support level at $21.13, Binance Coin rallied to Tuesday high $25.64.

Binance Coin broke through the first major resistance level at $24.35, driven by a 6.71% rally on the day.

In spite of a late pullback on Tuesday, Binance Coin avoided a fall back through the first major resistance level.

For the current week, Sunday through Tuesday, Binance Coin was up by 7.67% to $24.72. Two days in the green delivered the upside in the early part of the week.

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

It has been a particularly bullish start to the year in spite of a reversal, however. Having been up by as much as 101% year-to-date, Binance Coin was up by 81.1% 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 2.60% to $25.36. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $24.57 to a current week high $25.74.

Binance Coin tested the second major resistance level at $25.75 early in the day.

BNB/USD 02/0/20 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $25.75.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $25.74.

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

In the event of an extended breakout, Binance Coin could test the 62% FIB of $27.3 before any pullback.

Failure to avoid a fall back through the first major resistance level would bring sub-$24 levels into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid the pivot level at $22.53.

In the event of an extended sell-off, the first major support level at $21.13 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $21.13

Major Resistance Level: $24.35

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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