Binance Coin Mid-Week Analysis – Support Levels in Play – 04/11/20

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 $29.74 before hitting reverse.

Falling well short of the first major resistance level at $32.19, Binance Coin slid to a Tuesday current week low $25.51.

Binance Coin fell through the 23.6% FIB of $27.5 and the first major support level at $26.12 before finding support.

A partial recovery late in the day on Tuesday saw Binance Coin break back through the first major support level.

For the current week, Sunday through Tuesday, Binance Coin was down by 5.81% to $26.90.

3 consecutive days in the red that included a 2.46% fall on Monday and a 3.32% 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 97.07%.

At the time of writing, Binance Coin was down by 0.82% to $26.68. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $27.07 before falling to a low $26.44.

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

BNB/USD 04/11/20 Daily Chart

For the remainder of the week

Binance Coin would need to break back through the 23.6% FIB of $27.5 and the $29.75 pivot level to support a run at the first major resistance level at $32.19.

Support from the broader market would be needed, however, for Binance Coin to break back through to $30 levels.

Barring an extended crypto rally, resistance at $30 would likely leave Binance Coin short of the first major resistance level.

In the event of an extended breakout, however, the first major resistance level would likely cap any upside.

Failure to move back through the $29.75 pivot level would bring the first major support level at $26.12 and sub-$26 levels back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$24 levels. The second major support level sits at $23.68.

Looking at the Technical Indicators

Major Support Level: $26.12

Major Resistance Level: $32.19

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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