Binance Coin Mid-Week Analysis – Resistance Levels in Play – 14/04/21

It’s another bullish week for Binance Coin. Avoiding a fall back through to sub-$540 levels would bring $700 levels into play.
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Binance Coin Price Resistance

It’s been yet another bullish 1st half of the week for Binance Coin.

A mixed start to the week, however, saw Binance Coin fall to a Sunday current week low $448.47 before making a move.

Steering clear of the 23.6% FIB of $390 and the first major support level at $355, Binance Coin rallied to a Monday current week high and a new swing hi $643.66.

Binance Coin broke through the first major resistance level at $548 to test the second major resistance level at $625 before easing back.

The pullback and a bearish Tuesday saw Binance Coin fall back through the major resistance levels.

Steering clear of sub-$500 levels, however, Binance Coin broke back through the first major resistance level to end Tuesday at $550 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 16.92% to $551.21.

2 days in the green that included an 11.55% rally on Sunday and a 13.46% rally on Monday delivered the early upside. A 7.6% slide on Tuesday pared some of the gains, however.

The near-term bullish trend remained intact supported by the current week 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 1,372%.

At the time of writing, Binance Coin was up by 1.94% to $561.91. A mixed start to the day on Wednesday saw Binance Coin fall to an early Wednesday low $542.58 before rising to a high $572.82.

Binance Coin briefly fell back through the first major resistance level at $548.

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level at $548 to support another run at the second major resistance level at $625.

Barring an extended rally going into the weekend, the second major resistance level and current week high $643.66 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $700 before any pullback. The third major resistance level sits at $818.

Failure to avoid a fall back through the first major resistance level at $548 would bring the 23.6% FIB of $494 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the pivot level at $432 and the 38.2% FIB of $400. The first major support level sits at $355.

Looking at the Technical Indicators

Major Support Level: $355

Major Resistance Level: $548

23.6% FIB Retracement Level: $494

38.2% FIB Retracement Level: $400

62% FIB Retracement Level: $250

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