It’s been mixed 1st half of the week for Binance Coin.
Binance Coin fell to a Sunday current week low $593.05 before making a move.
Steering clear of the 23.6% FIB of $509 and the first major support level at $499, Binance Coin rallied to a Monday intraweek high and a new swing hi $704.62.
Binance Coin broke through the first major resistance level at $703 before pulling back to sub-$680 levels on Monday.
On Tuesday, the pullback continued, with Binance Coin sliding back to sub-$600 levels before finding support to wrap up the day at $609 levels.
For the current week, Sunday through Tuesday, Binance Coin was down by 1.90% to $609.27.
A 9.99% slide on Tuesday reversed gains from Sunday and Monday.
The near-term bullish trend remained intact supported by the current week’s gain. For the bears, a sustained fall through the 62% FIB of $250 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 1,527%.
At the time of writing, Binance Coin was up by 3.16% to $628.52. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $600.92 before rising to a high $642.95.
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to avoid a fall back through the pivot at $581 to bring the first major resistance level at $703 back into play.
Support from the broader market would be needed, however, for Binance Coin to break back through to $700 levels.
Barring an extended rally going into the weekend, the first major resistance level and this week’s new swing hi $704.62 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $785.
Failure to avoid a fall back through the $581 pivot would bring the 23.6% FIB of $540 and the first major support level at $499 into play.
Barring another extended sell-off going into the weekend, however, Binance Coin should steer of the 38.2% FIB of $438. The second major support level sits at $377.