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

It’s been a choppy first half of the week. A move back through to $280 levels would bring resistance levels into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been a choppy 1st half of the week for Binance Coin., as the majors look to recover losses from the previous week.

A bearish start to the week, however, saw Binance Coin slide to a Sunday current week low $194.67 before making a move.

Steering clear of the first major support level at $168, Binance Coin rallied to a Monday current week high $268.85.

While falling short of the major resistance levels, Binance Coin broke through the 38.2% FIB of $230.

Also falling short of the 23.6% FIB of $283, Binance Coin fell back to sub-$260 levels on the day.

A bearish Tuesday saw Binance Coin revisit $265 levels before sliding back to sub-$226 levels.

Finding support at the 38.2% FIB of $230, Binance Coin ended the day at $240 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 6.43% to $240.08.

A 21.07% rally on Monday offset losses from Sunday and Tuesday to deliver the upside early in the week.

The near-term bullish trend remained intact, in spite of last week’s sell-off. For the bears, a sustained fall through the 62% FIB of $145 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 541%.

At the time of writing, Binance Coin was up by 0.44% to $241.13. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $236.42 before rising to a high $243.25.

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

For the remainder of the week

Binance Coin would need to move back through the $242 pivot to support another run at the first major resistance level at $300.

Support from the broader market would be needed, however, for a Binance Coin break out from the 23.6% FIB of $283.

Barring an extended rally going into the weekend, the first major resistance level at $300 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at last month’s new swing hi $368.29. The second major resistance level sits at $374.

Failure to move back through the $242 pivot would bring the 38.2% FIB of $230 and the first major support level at $168 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer well clear of the second major support level at $110.

The 62% FIB of $145 should limit the downside.

Looking at the Technical Indicators

Major Support Level: $168

Major Resistance Level: $300

23.6% FIB Retracement Level: $283

38.2% FIB Retracement Level: $230

62% FIB Retracement Level: $145

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