Binance Coin Mid-Week Analysis – Resistance Levels in Play – 06/01/21

It’s been a bullish start to the year for Binance Coin. Avoiding a fall back through the pivot level would support further upside going into the weekend.
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Binance Coin Price Resistance

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

Binance Coin rallied to a Monday current week high and a new swing hi $46.46 before hitting reverse.

The early rally saw Binance Coin break through the first major resistance level at $44.18.

Hitting reverse on Monday, Binance Coin slid to a Monday current week low $33.84 before finding support.

While steering clear of the first major support level at $31.15, Binance Coin fell through the 23.6% FIB of $37.

Finding support late in the day on Monday, however, Binance Coin bounced back to a Tuesday high $44.81 before easing back.

Binance Coin broke back through the 23.6% FIB and the first major resistance level at $44.18 before ending the day at $41 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 9.54% to $41.05.

2 days in the green from 3 that included a 7.96% rally Sunday and a 2.03% gain from Tuesday delivered the upside.

The near-term bullish trend remained intact, supported by the latest swing hi. For the bears, a fall through the 62% FIB of $22 would form a near-term bearish trend.

It has been a bullish start to the year, with Binance Coin up by 11.93%.

At the time of writing, Binance Coin was down by 2.10% to $41.05. A mixed start to the day on Wednesday saw Binance Coin rise to an early Wednesday morning high $42.76 before falling to a low $39.34.

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

For the remainder of the week

Binance Coin would need to avoid a fall back through $37.04 pivot and the 23.6% FIB of $37 to bring the first major resistance level at $44.18 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $44 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $45 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $50 before any pullback. The second major resistance level sits at $50.07.

Failure to avoid a fall back through $37.04 pivot and the 23.6% FIB would bring the first major support level at $31.15 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of sub-$30 levels. The 38.2% FIB of $31 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $31.15

Major Resistance Level: $44.18

23.6% FIB Retracement Level: $37

38.2% FIB Retracement Level: $31

62% FIB Retracement Level: $22

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