Binance Coin Mid-Week Analysis – Resistance Levels in Play – 02/06/21

It’s been a bullish first half of the week for Binance Coin. A move back through the current week high $375.37 would bring $400 levels into play.
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Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin.

A mixed start to the week, however, saw Binance Coin fall to a Sunday current week low $290.60 before finding support.

Steering clear of the 62% FIB of $273 and the first major support level at $218, Binance Coin rallied to a Tuesday current week high $375.33.

Falling short of the first major resistance level at $394, Binance Coin slipped back to end the day at sub-$370 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 18.55% to $362.20. Three consecutive days in the green that included a 6.79% gain on Sunday and an 8.58% rally on Monday delivered the upside in the early part of the week.

The near-term bullish trend remained intact in spite of the recent return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish start to the year, with Binance Coin up by 867%.

At the time of writing, Binance Coin was down by 2.12% to $354.62. A mixed start to the day on Wednesday saw Binance Coin rise to an early high $366.11 before falling to a low $353.07.

Binance Coin left the major support and resistance levels untested early in the day on Wednesday.

For the remainder of the week

Binance Coin would need to avoid a fall back through the pivot at $307 to bring the first major resistance level at $394 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $375.37.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at the 38.2% FIB of $438. The second major resistance level sits at $482.

A fall back through the $307 pivot would bring the 62% FIB of $273 back into play.

Barring an extended sell-off, however, Binance Coin should steer of the first major support level at $218. The second major support level sits at $131.

Looking at the Technical Indicators

First Major Support Level: $218

Pivot Level: $307

First Major Resistance Level: $393

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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