Bitcoin and Binance Coin – Weekly Technical Analysis – October 5th, 2020

Bitcoin

Bitcoin fell by 1.08% in the week ending 4^th October. Following on from a 1.21% decline from the week prior, Bitcoin ended the week at $10,687.0.

It was a mixed but bearish start to the week. Bitcoin rose to a Monday intraweek high $10,986.0 before hitting reverse.

Coming up short of the first major resistance level at $11,151, Bitcoin slid to a Friday intraweek low $10,391.0.

Steering clear of the first major support level at $10,303 Bitcoin revisited $10,700 levels before easing back.

5 days in the red that included a 1.49% loss on Thursday delivered the downside for the week. A 1.33% gain on Tuesday and 1.22% rise on Sunday offset some of the losses from earlier in the week, however.

For the week ahead

Bitcoin would need to avoid a fall back through $10,688 pivot to support a run the first major resistance level at $10,985.

Support from the broader market would be needed for Bitcoin to break back through to $10,900 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $11,000 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test the second major resistance level at $11,283 before any pullback.

Failure to avoid a fall back through the $10,688 pivot would bring the first major support level at $10,390 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$10,300 support levels. The second major support level sits at $10,093.

At the time of writing, Bitcoin was up by 0.36% to $10,726.0. A bullish start to the week saw Bitcoin rise from an early Monday morning low $10,680.0 to a high $10,758.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

Binance Coin

Binance Coin rallied by 10.44% in the week ending 4^th October. Reversing a 0.30% loss from the previous week, Binance Coin ended the week at $28.99.

It was a mixed start to the week. Binance Coin fell to a Monday intraweek low $25.27 before finding support.

Steering clear of the first major support level at $23.15 and the 38.2% FIB of $23.5, Binance Coin rallied to a Wednesday intraweek high $29.83.

Binance Coin broke through the first major resistance level at $28.17 and the 23.6% FIB of $27.5 before hitting reverse.

The reversal saw Binance Coin fall back to sub-$26 levels before a bullish end to the week.

The bullish end saw Binance Coin break back through the 23.6% FIB of $27.5 and the first major resistance level at $28.17.

5-days in the green that included a 7.07% rally on Tuesday delivered the upside. A 6.15% slide on Thursday limited the upside for the week, however.

For the week ahead

Binance Coin would need to avoid a fall through the $28.03 to support a run at the first major resistance level at $30.79.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $29.83.

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

In the event of another breakout, Binance Coin could test the second major resistance level at $32.59 and $33 levels before any pullback.

Failure to avoid a fall through the $28.03 would bring the 23.6% FIB of $27.50 and the first major support level at $26.23 into play.

Barring an extended crypto market sell-off, however, Binance Coin should steer clear of sub-$25 support levels. The second major support level sits at $23.47, with the 38.2% FIB of $23.50 also unlikely to be tested.

At the time of writing, Binance Coin was up by 0.80% to $29.22. A Bullish start to the week saw Binance Coin rise from a Monday morning low $28.84 to a high $29.38

Binance Coin left the major support and resistance levels untested at the start of the week.