Binance Coin Mid-Week Analysis – Resistance Levels in Play – 03/02/21

It’s been a bullish first half of the week for Binance Coin. A move back through to $55 levels would bring $60 levels into play.
Binance

Binance Coin Price Resistance

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

Binance Coin fell to a Sunday current week low $41.86 before making a move.

Steering clear of the 23.6% of $40.6 and the first major support level $37.10, Binance Coin rallied to a Tuesday intraweek high and a new swing hi $55.60.

Binance Coin broke through the first major resistance level at $51.85 before easing back to end the day at $51 levels.

The pullback saw Binance Coin fall back through the first major resistance level.

For the current week, Sunday through Tuesday, Binance Coin was up by 13.92% to $51.06.

The upside came in spite of 2 days in the red. A 15.91% rally on Monday delivered the upside.

The near-term bullish trend remained intact, supported by Tuesday’s new swing hi $55.60. For the bears, a fall through the 62% FIB of $25 would form a near-term bearish trend.

It has been a bullish start to the year, with Binance Coin up by 47%.

At the time of writing, Binance Coin was up by 0.36% to $51.24. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $50.10 before rising to high $52.72.

Binance Coin broke back through the first major resistance level at $51.85 before easing back early on.

For the remainder of the week

Avoiding a fall back to sub-$50 levels would support a break back through the first major resistance level at $51.85.

A Binance Coin move through the new swing hi $55.60 would support another run at the second major resistance level at $58.86.

Support from the broader market would be needed, however, for Binance Coin to break out from $55 levels.

Barring an extended crypto rally, the current week high and new swing hi would likely cap any upside in the week.

In the event of an extended breakout, however, Binance Coin could test resistance at $60 before any pullback. The second major resistance level sits at $58.86.

Failure to avoid a fall back through to sub-$50 levels would bring the 23.6% FIB of $44 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of sub-$40 levels. The first major support level sits at $37.10.

Looking at the Technical Indicators

Major Support Level: $37.10

Major Resistance Level: $51.85

23.6% FIB Retracement Level: $44

38.2% FIB Retracement Level: $37

62% FIB Retracement Level: $25

Most Recent

Top Articles