It’s been a mixed start to the week for Binance Coin, which recovered from 4.2% slide on Sunday.
Bearish at the start of the week, Binance Coin fell to a late Sunday current week low $14.82 before finding support.
Tracking the broader market, Binance Coin bounced back with a 6.5% rally on Monday.
Finding further support on Tuesday, Binance Coin struck a current week high $16.39 early on Tuesday before easing back.
At the start of the week, the first major support level at $14.75 limited the downside. On the rebound, Binance Coin came within range of the first major resistance level at $16.51 on Tuesday.
Through Tuesday, bearish sentiment across the broader market left Binance Coin with a 0.25% loss. Things would have been far worse had it not been for a late recovery to $16 levels.
For the current week, in spite of the Monday rebound, Binance Coin was up by just 1.78%, Sunday through Tuesday.
The near-term bearish trend remained intact, following 4 consecutive weeks in the red.
Binance Coin continued to fall well short of the 23.6% FIB of $21. For the bulls, Binance coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.
At the time of writing, Binance Coin was up by 0.22% to $16.05. A bullish end to Tuesday continued into Wednesday, with Binance Coin holding onto $16 levels at the start of the day.
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Binance Coin would need to move through the current week high $16.39 to support a run at $17 levels.
Support from the broader market would be needed, however, for Binance Coin to break through the first major resistance level at $16.51.
In the event of an extended rally through the week, the second major resistance level at $17.31 could come into play.
Barring a broad-based rally, we would expect the first major resistance level to limit any upside for the week.
Failure to move back through the current week high could see Binance Coin come under pressure.
A pullback through to sub-$15.5 levels would bring the first major support level at $14.75 into play.
Barring a broad-based crypto meltdown, however, we would expect Binance Coin to steer clear of sub-$14 support levels.
Major Support Level: $14.75
Major Resistance Level: $16.51
23.6% FIB Retracement Level: $21
38.2% FIB Retracement Level: $24
62% FIB Retracement Level: $30