It’s been another relatively bullish start to the week for Binance. Following last week’s 25.7% rally, Binance has seen 2 consecutive days in the green. For the current week, Monday through Tuesday, Binance was up by 6.4%.
A trend-bucking 0.20% gain on Monday was followed up by a 6.26% rally on Tuesday.
Monday’s gains came in spite of the broader market seeing red. A bullish start to the week saw Binance hit an early intraday high $15.19 on Monday, before sliding back to $14 levels. By contrast, Tuesday’s bounce came off the back of a relatively range-bound morning to hold onto $15 levels by the day’s end.
The moves through the early part of the week saw Binance come up short of last week’s swing hi $15.91. In spite of the upward momentum, Binance also came up short of the week’s first major resistance level at $16.73. A start of the week low $14.27 saw Binance steer well clear of the first major support level at $11.82.
5 consecutive weeks in the green and a bullish start to the week reaffirmed the near-term bullish trend. Binance continued to hold above the 23.6% FIB of $13.14.
At the time of writing, Binance was down by 0.84% to $15.49. A bearish start to the day saw Binance fall from a morning high $15.64 to a low $15.45.
Relatively range bound and joining the broader market in the red, the week’s major support and resistance levels remained untested.
A hold onto $15 levels through the middle part of the week would support further gains going into the weekend. Binance would need to break through last week’s swing hi $15.91 to bring the week’s first major resistance level at $16.72 into play.
Support from the broader market would be needed, however, for Binance to breakout from current levels. Following Monday’s trend-bucking gain, negative sentiment across the broader market could pin Binance back.
Failure to hold onto $15 levels could see Binance slide through the current week’s low $14.27 to $13 levels before any recovery. Barring a crypto meltdown, we would expect sub-$13 levels to be avoided through the remainder of the week. In the event of a mass crypto sell-off, a fall through $13.8 levels would bring sub-$13 levels into play. We would expect the first major support level at $11.82 to be left untested, however.
Major Support Level: $11.82
Major Resistance Level: $16.73
23.6% FIB Retracement Level: $13.14
38.2% FIB Retracement Level: $11.43
62% FIB Retracement Level: $8.66