It’s been a particularly 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 $60.96 before making a move.
Steering clear of the 23.6% of $61 and the first major support level $50.60, Binance Coin surged to a Tuesday intraweek high and a new swing hi $119.21.
Binance Coin broke through the first major resistance level at $86.68 and the second major resistance level at $100.35.
In spite of a late pullback on Tuesday, Binance Coin held onto $100 levels going into Wednesday.
For the current week, Sunday through Tuesday, Binance Coin was up by 47.45% to $107.58
2 consecutive days in the green, including a 16.68% rally on Monday and a 34.54% jump on Tuesday, delivered the upside.
The near-term bullish trend remained intact, supported by Tuesday’s new swing hi $119.21. For the bears, a fall through the 62% FIB of $50 would form a near-term bearish trend.
It has been a bullish start to the year, with Binance Coin up by 187%.
At the time of writing, Binance Coin was up by 5.20% to $113.17. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $106.39 before rising to high $116.90.
Binance Coin continued to hold above the second major resistance level at $100.35 mid-week.
Avoiding a fall back through the second major resistance level would support a run at $120 levels.
Support from the broader market would be needed, however, for a Binance Coin move through the new swing hi $119.21.
Barring an extended rally going into the weekend, expect the swing hi $119.21 to cap any upside.
In the event of an extended breakout, however, Binance Coin could test the third major resistance level at $136.43.
Failure to avoid a fall back through the second major resistance level would bring the 23.6% FIB of $93 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should avoid a fall back through the first major resistance level at $86.68.
Major Support Level: $50.60
Major Resistance Level: $86.68
23.6% FIB Retracement Level: $93
38.2% FIB Retracement Level: $76
62% FIB Retracement Level: $50