It’s been a bullish start to the week for Binance. Recovering from a 0.11% fall on Monday, Binance rallied by 19.75% on Tuesday to end the day at $13.9626.
The gains were off the back of a 14.93% rally last week, which came in spite of a 3% slide on Sunday.
Last week’s intraweek high $12.1663, struck on 3rd March saw Binance breakout from the 38.2% FIB of $9.5269 to come within range of the 62% FIB of 12.835. Binance formed a near-term bullish trend from early December’s swing lo $4.17 off the back of last week’s rally.
The bullish sentiment spilled into the early part of this week, with Binance up by 19.6% Monday through Tuesday.
A relatively range bound Monday saw Binance slip to sub-$12.00 levels before Tuesday’s rally.
Finding support from the broader market on Tuesday, Binance rallied to an early in the week high and new swing hi $14.5358 before easing back.
The breakout saw Binance break through the week’s first major resistance level at $12.8163 and second major resistance level at $13.9519.
Monday’s early in the week low $11.0853 saw Binance stand well clear of the week’s first major support level at $9.8950.
At the time of writing, Binance was down by 3.86% to $13.4234.
A bearish start to the day saw Binance slide from a morning high $14.0041 to a low $13.3740.
The pullback saw Binance fall back through the week’s second major resistance level at $13.9519 in the early hours.
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A hold above $13.37 levels through the middle part of the week would support upward momentum going into the weekend. A break back through the second major resistance level at $13.9519 would bring $14 levels back into play.
Support from the broader market would see Binance take a run at the current week’s high $14.5358. A break through the current week high would bring $15 levels into play.
We would expect Binance to come up short of $16 levels and the third major resistance level at $16.8732, however.
Failure to hold above $13.37 could see Binance give up more of the week’s gains. A fall through to sub-$13 levels would likely see Binance slide back through the first major resistance level at $12.8163 before any recovery.
Barring a broad-based crypto sell-off, we would expect Binance to avoid sub-$12 levels. For the bears, a fall through to $11.10 levels would signal a mass sell-off that could see Binance test the week’s first major support level at $9.8950.[fx-article-ad]
Major Support Level: $9.8950
Major Resistance Level: $12.8163
23.6% FIB Retracement Level: $10.28
38.2% FIB Retracement Level: $9.11
62% FIB Retracement Level: $7.23