Binance Coin Mid-Week Analysis – Support Levels in Play – 21/10/20

Binance Coin Price Support

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

A mixed start to the week saw Binance Coin rise to a Monday current week high $31.55 before hitting reverse.

Falling short of the first major resistance level at $32.41, Binance Coin slid to a Tuesday current week low $27.76.

A 2nd consecutive day in the deep red saw Binance Coin fall through the first major support level at $27.94.

Steering clear of the 23.6% FIB of $27.50, however, Binance Coin moved back through to $28 levels to limit the downside.

The partial recovery saw Binance Coin break back through the first major support level at $27.94.

For the current week, Sunday through Tuesday, Binance Coin was down by 4.60% to $28.85.

2 consecutive days in the red that included a 3.61% slide on Tuesday delivered the downside early in the week.

The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.

It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 111.4%.

At the time of writing, Binance Coin was up by 1.20% to $29.20. A mixed start to the day saw Binance Coin fall to an early morning low $28.65 before rising to a high $29.45.

Binance Coin left the major support and resistance levels untested in the early part of Wednesday morning.

BNB/USD 21/10/20 Daily Chart

For the remainder of the week

Binance Coin would need to move back through the $30.11 pivot level to support a run at the first major resistance level at $32.41.

Support from the broader market would be needed, however, for Binance Coin to break back through to $32 levels.

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

In the event of an extended breakout, Binance Coin could visit $33 levels before any pullback. The second major resistance level sits at $34.58.

Failure to move back through the $30.11 pivot level would bring the first major support level at $27.94 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$27 levels.

The 23.6% FIB of $27.5 should limit any downside in the 2nd half of the week.

Looking at the Technical Indicators

Major Support Level: $27.94

Major Resistance Level: $32.41

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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