It has been a bullish start to the week, with Binance Coin seeing 3 consecutive days in the green going into Wednesday.
A mixed early part of the week saw Binance Coin slide to an early Monday current week low $13.40 before making a move.
The sell-off had come in spite of a 3.38% gain on Sunday. Steering clear of the first major support level at $12.89, Binance Coin rallied to a Tuesday current week high $16.09.
Binance Coin broke through the 23.6% FIB of $14.4 and the first major resistance level at $15.16.
More significantly, it was Binance Coin’s first visit to $16 levels since 12th March.
For the current week, Sunday through Tuesday, Binance Coin was up by 13.17%. 3 days in the green that included a 5.46% rally on Monday delivered the upside.
The near-term bearish trend remained intact, however, supported by the late 2019 reversal and last week’s swing lo $6.42.
It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by just 14.58% year-to-date.
For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.
At the time of writing, Binance Coin was up by 0.87% to $15.78. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $15.41 before striking a high $16.00.
Binance Coin continued to hold above the first major resistance level at $15.16 at the start of the day.
Binance Coin would need to break back through the current week high $16.09 to support another run at the second major resistance level at $16.50.
Support from the broader market would be needed, however, for Binance Coin to break through to $16 levels.
Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.
In the event of a breakout, Binance Coin could test the second major resistance level at $16.50 before any pullback.
Failure to move back through the current week high $16.09 could see Binance Coin hit reverse.
A pullback through 23.6% FIB of $14.40 to sub-$14.20 levels would bring the first major support level at $12.89 into play.
Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$13 levels.
Major Support Level: $12.89
Major Resistance Level: $15.16
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3