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.
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.
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