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.
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.
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