It’s been a bullish 1st half of the week for Binance Coin, as the majors found strong support in the early part of the week.
A mixed start to the week, however, saw Binance Coin fall to a Sunday current week low $220.91 before making a move.
Steering clear of the first major support level at $191, Binance Coin rallied to a Tuesday current week high $300.44.
Binance Coin broke through the first major resistance level at $265 to test resistance at $300 before easing back.
More significantly, however, Binance Coin broke through the 38.2% FIB of $230 and the 23.6% FIB of $283.
For the current week, Sunday through Tuesday, Binance Coin was up by 29.58% to $293.63.
3-days in the green that included an 21.95% rally on Tuesday delivered the upside early in the week.
The near-term bullish trend remained intact, supported by this week’s rally. For the bears, a sustained fall through the 62% FIB of $145 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 684%.
At the time of writing, Binance Coin was down by 3.24% to $284.12. A mixed start to the day saw Binance Coin rise to an early Wednesday morning high $300.64 before falling to a low $278.65
While leaving the major support and resistance levels untested, Binance Coin briefly fell through the 23.6% FIB of $283.
Binance Coin would need to avoid a fall through 23.6% FIB of $283 to support another run at the second major resistance level at $304.
Support from the broader market would be needed, however, for a Binance Coin break out from this morning’s current week high $300.64.
Barring an extended rally going into the weekend, the second major resistance level would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at February’s swing hi $368.29 before any pullback. The third major resistance level sits at $378.
Failure to avoid a fall through the 23.6% FIB would bring the first major resistance level at $265 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the first major support level at $191.
The 38.2% FIB of $230 and pivot level at $230 should limit the downside.
Major Support Level: $191
Major Resistance Level: $265
23.6% FIB Retracement Level: $283
38.2% FIB Retracement Level: $230
62% FIB Retracement Level: $145