Binance Coin Mid-Week Analysis – Resistance Levels in Play – 12/05/21

It’s been a mixed but bullish first half of the week. A move back through to $700 levels would bring $800 levels into view…
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Binance Coin Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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