It’s been mixed 1st half of the week for Binance Coin.
Binance Coin rose to a Sunday high $699.69 before hitting reverse.
Falling short of the first major resistasnce level at $709, Binance Coin fell to a Monday current week low $588.18.
Steering clear of the first major support level at $581, Binance Coin rose to a Monday current week high $699.88.
Continuing to fall short of the first major resistance level at $709, Binance Coin fell back to $614 levels before moving back into positive territory.
For the current week, Sunday through Tuesday, Binance Coin was up by 3.95% to $672.83. A 4.63% slide on Monday limited the upside in the early part of the week.
The near-term bullish trend remained intact supported by the current week’s gain. For the bears, a sustained fall through the 62% FIB of $250 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 1,696%.
At the time of writing, Binance Coin was down by 0.15% to $671.75. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $663.60 before rising to a high $680.96.
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to avoid a fall back through the pivot at $643 to bring the first major resistance level at $709 back into play.
Support from the broader market would be needed, however, for Binance Coin to break back through to $700 levels.
Barring an extended rally going into the weekend, the first major resistance level and last week’s new swing hi $704.62 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $772.
Failure to avoid a fall back through the $643 pivot would bring the first major support level at $580 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the second major support level at $514. The 23.6% FIB of $540 should limit the downside.
Major Support Level: $580
Major Resistance Level: $709
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273