The first half of the week was a mixed one for Binance Coin.
It was a bullish start to the week, however. Binance Coin rallied from a Sunday current week low $13.54 to a Monday current week high $14.37 before hitting reverse.
Binance Coin broke through week’s first major resistance level at $14.19 before sliding back to sub-$13.60 levels on Tuesday.
Two consecutive days in the red reversed a 3.26% rally on Sunday to leave Binance Coin up by just 0.15% for the current week.
In spite of the reversal and Sunday low, however, Binance Coin managed to steer clear of the week’s first major support level at $12.98.
The near-term bearish trend remained intact, supported by a string of weekly losses and December’s swing lo $12.11. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.
The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before last week’s 2.5% gain. The reversal had included a 19.3% slide in the final week of November.
For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.
At the time of writing, Binance Coin was up by 0.61% to $13.75. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $13.62 to a high $13.84.
Binance Coin left the major support and resistance levels untested through the early part of the day.
Binance Coin would need to move back through to $13.80 levels to bring the first major resistance level at $14.19 back into play.
Support from the broader market would be needed, however, for Binance Coin to break back through to $14.00 levels.
Barring a broad-based crypto rebound, the first major resistance level at $14.19 and current week high $14.37 would likely pin Binance Coin back in the week.
Failure to move through to 13.80 levels could see Binance Coin slide back into the red.
A pullback through the current week low $13.54 would bring the first major support level at $12.98 into play
Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.30.
Major Support Level: $12.98
Major Resistance Level: $14.19
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5