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

Binance Coin Price Resistance

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

Binance Coin slid to an early Sunday morning current week low $18.46 before finding support.

While steering well clear of the week’s first major support level at $16.20, Binance Coin fell through the 38.2% FIB of $19.4.

Recovering from the early low, Binance Coin rallied to a Tuesday a current high $24.13.

Falling short of the first major resistance level at $24.32, Binance Coin fell back to sub-$22 levels before finding support.

For the current week, Sunday through Tuesday, Binance Coin was up by 19.48% to $23.26. Two days in the green that included an 18.93% surge on Sunday delivered the upside in the early part of the week.

The near-term bearish trend remained intact, however, 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. Having been up by as much as 101% year-to-date, Binance Coin was up by 70.4% 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 1.64% to $22.88. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $24.12 before falling to a low $22.78.

Binance Coin continued to leave the major support and resistance levels untested early in the day.

BNB/USD 09/09/20 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $21.24 pivot level to support another run at the first major resistance level at $24.52.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $24.13.

Barring an extended crypto rebound, the first 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 $21.24 pivot level would bring sub-$20 levels back into play.

Barring an extended crypto sell-off, however, the 38.2% FIB of $19.4 should limit any downside in the week.

We would expect Binance Coin to steer well clear of the first major support level at $16.20, however.

Looking at the Technical Indicators

Major Support Level: $16.20

Major Resistance Level: $24.52

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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