Binance Coin Mid-Week Analysis – Resistance Levels in Play – 07/07/21

It’s been a bullish start to the week. Avoiding the week’s pivot level would leave resistance levels in play and give the bulls a run at $400.
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Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin fall to a Monday current week low $287.32 before making a move.

Steering clear of the 62% FIB of $273 and the first major support level at $268, Binance Coin rallied to a Tuesday current week high $331.41.

Binance Coin broke through the first major resistance level at $323 before easing back to $320 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 7.30% to $320.07. A 3.15% gain on Sunday and a 5.95% rally on Tuesday delivered the early upside.

The near-term bullish trend remained intact in spite of the recent return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish first half of the year, however, with Binance Coin up by 754% year-to-date.

At the time of writing, Binance Coin was up by 1.78% to $325.76. A mixed start to the day on Wednesday saw Binance Coin fall to an early low $295.35 before rising to a high $328.45.

Binance Coin broke back through the first major resistance level at $323 early in the day on Wednesday.

For the remainder of the week

Binance Coin would need to avoid a fall back through to sub-$320 levels to bring the second major resistance level at $348 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $331.41.

Barring an extended rally going into the weekend, the second major resistance level and resistance at $350 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $400. The third major resistance level sits at $404.

A fall back through to sub-$320 and through the $293 pivot would bring the 62% FIB of $273 and the first major support level at $268 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$270 levels. The second major support level sits at $238.

Looking at the Technical Indicators

First Major Support Level: $268

Pivot Level: $293

First Major Resistance Level: $323

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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