It’s been a bearish start to the week for Binance Coin. Following last week’s 8.75% rally and new swing hi $17.806, it was 2-consecutive days in the red.
For the current week, Monday – Tuesday, Binance was down 5.65%. Pulling back from Sunday’s new swing hi, Binance fell from a start of a week high $17.59 to a Tuesday low $15.63.
Falling well short of the week’s first major resistance level at $18.70, Binance came within range of the first major support level at $15.07 before finding support. Recovering through the afternoon on Tuesday, Binance moved back through to $16 levels.
The near-term bullish trend, formed at early December’s swing lo $4.17, remained firmly intact. Binance continued to hold well above the 23.6% FIB Retracement Level of $14.6, following Sunday’s swing hi $17.806.
It’s been quite a start to the year for Binance, which has rallied by 158% year-to-date. Of particular significance is the fact that, out of the top-10 cryptos, Binance is the only coin that has managed to form a bullish trend.
At the time of writing, Binance was up 0.92% to $16.504. A choppy start to the day saw Binance slide to a morning low $16.03 before making a move.
Steering clear of the week’s first major support level at $15.07, Binance rallied to a morning high $16.75 before easing back. Binance also came up short of the week’s first major resistance level at $18.7 in the early hours.
A move back through last weeks high $17.806 would support a breakthrough to $18 levels in the week. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.70.
In the event of a broad-based crypto rally, Binance could break through to $19 levels before any pullback.
Failure to move back through to last weeks high $17.806 could see Binance slide further back in the week. Following 7-consecutive weeks in the green, a lack of momentum could see profit taking pin back any further gains.
A fall through $16.5 levels could bring $15 levels into play before any recovery. In the event of a broad-based crypto sell-off, we would expect Binance to test the first major support level at $15.07 before any recovery.
We would expect Binance to steer clear of sub-$15 support levels, however, in the event of a sell-off.
Major Support Level: $15.07
Major Resistance Level: $18.70
23.6% FIB Retracement Level: $14.6
38.2% FIB Retracement Level: $12.6
62% FIB Retracement Level: $9.4