A bullish start to the week saw Binance coin rally to a Sunday high $20.92 before hitting reverse.
Binance Coin broke through the first major resistance level at $20.85 before sliding to a Monday current week low $19.60.
Steering clear of the first major support level at $18.87, found support through Tuesday to strike a high $20.98.
Binance Coin broke back through the first major resistance level at $20.85 late in the day.
While breaking through the first major resistance level, the 23.6% FIB of $21 limited the upside early in the week.
A 3.4% rise on Sunday and a 4.4% rally on Tuesday gave Binance Coin a 6.4% gain for the current week, Sunday through Tuesday.
A 1.6% loss on Monday limited the upside for the current week, however.
The near-term bearish trend remained intact, in spite of 3 weeks out of 4 in the green and the positive start to the week. Binance Coin continued to struggle at the 23.6% FIB of $21.
For the bulls, Binance coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.
At the time of writing, Binance Coin was down by 1.8% to $20.58. A mixed start to the day on Wednesday saw Binance Coin strike an early morning current week high $21.07 before hitting reverse.
Binance Coin broke through the 23.6% FIB of $21 before sliding to a morning low $20.54.
Binance Coin would need to break back through the first major resistance level and 23.6% FIB of $21 to support further upside.
Support from the broader market would be needed for Binance Coin to break out from last week’s high $21.11.
Barring an extended rally into the weekend, however, Binance Coin would likely come up short of the second major resistance level at $21.97.
Through the middle of the week, Binance Coin will need to hold on to $20 levels to support the upward momentum.
Failure to move back through the 23.6% FIB could see Binance Coin come under pressure in the 2nd half of the week.
A pullback to sub-$20 levels would bring the first major support level at $18.87 into play before any recovery.
Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $18.01.
Major Support Level: $18.87
Major Resistance Level: $20.85
23.6% FIB Retracement Level: $21
38.2% FIB Retracement Level: $24
62% FIB Retracement Level: $30