Binance Coin Mid-Week Analysis – Resistance Levels in Play – 10/02/21

It’s been a particularly bullish first half of the week for Binance Coin. Avoiding sub-$100 levels would bring $120 levels into play.
Binance

Binance Coin Price Resistance

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.

For the remainder of the 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.

Looking at the Technical Indicators

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

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