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

Binance Coin Price Support

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

A bullish start to the week saw Binance Coin rise to a Monday current week high of $29.06 before hitting reverse.

Falling well short of the first major resistance level at $31.32, Binance Coin slid to a Monday current week low of $27.24.

While steering clear of the first major support level at $24.56, Binance Coin fell through the 23.6% FIB of $27.5.

Finding support late in the day on Monday, Binance Coin broke back through the 23.6% FIB to end the day at $28 levels.

A relatively choppy Tuesday, following Monday’s recovery, saw Binance Coin fall back to a low $27.40 before ending the day at $28.2 levels. The 23.6% FIB of $27.5 limited the downside on the day.

For the current week, Sunday through Tuesday, Binance Coin was up by 1.58% to $28.23.

2 days in the green out of 3 that included a 2.39% gain on Sunday delivered the upside. A 1.26% fall on Monday, reduced some of the early gains, however.

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 106.8%.

At the time of writing, Binance Coin was up by 0.85% to $28.47. A mixed start to the day saw Binance Coin fall to an early Wednesday $27.99 low before rising to a high of $28.77.

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

https://www.tradingview.com/x/EHXxMxWn/

For the remainder of the week

Binance Coin would need to avoid a fall back through the $28.09 pivot level to support a run at the first major resistance level at $31.32.

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 avoid a fall back through the $28.09 pivot level would bring the 23.6% FIB of $27.5 and the first major support level at $24.56 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid the 38.2% FIB of $23.50. The second major support level sits at $21.33.

Looking at the Technical Indicators

Major Support Level: $24.56

Major Resistance Level: $31.32

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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