Binance Coin Mid-Week Analysis – Resistance Levels in Play – 18/11/20

Binance Coin Price Resistance

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

A bearish start to the week saw Binance Coin fall to a Monday current week low $26.41 before making a move.

While steering clear of the first major support level at $26.18, Binance Coin fell through the 23.6% FIB of $27.5.

Finding support at sub-$27 levels, Binance Coin rose to a Tuesday current week high $30.81.

Binance Coin broke through the first major resistance level at $29.70 before falling back to sub-$29 levels.

Of greater significance, Binance Coin also broke back through the 23.6% FIB of $27.50.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.22% to $28.60.

2 days in the green out of 3 that included a 2.20% gain on Tuesday delivered the upside. A 0.89% fall on Sunday limited the upside, 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 109.5%.

At the time of writing, Binance Coin was up by 0.12% to $28.63. A mixed start to the day saw Binance Coin rise to an early Wednesday morning high $29.00 before falling to a low $28.40.

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

BNBUSD 181120 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $27.9 pivot level and the 23.6% FIB to support another run at the first major resistance level at $29.70.

Support from the broader market would be needed, however, for Binance Coin to break back through to $29.5 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $30 would likely cap any upside.

In the event of an extended breakout, however, the second major resistance level at 31.43 would likely cap any upside.

Failure to avoid a fall back through the 23.6% FIB and the $27.91 pivot level would bring the first major support level at $26.18 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid sub-$25 levels. The second major support level sits at $24.39.

Looking at the Technical Indicators

Major Support Level: $26.18

Major Resistance Level: $29.70

23.6% FIB Retracement Level: $27.5

38.2% FIB Retracement Level: $23.5

62% FIB Retracement Level: $17.00

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