Binance Coin Mid-Week Analysis – Resistance Levels in Play – 16/06/21

It’s been a bullish start to the week for Binance Coin. A move back through to $380 levels would bring resistance levels back into play.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin slid to a Sunday current week low $318.81 before making a move.

Steering clear of the first major support level at $304, Binance Coin rallied to a Monday current week high $386.58.

Falling short of the first major resistance level at $396, however, Binance Coin eased back to sub-$370 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 6.69% to $366.84. A 6.45% rally on Sunday and a 1.20% gain from Monday delivered the upside early in the week.

The near-term bullish trend remained intact in spite of the recent return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish first half of the year, however, with Binance Coin up by 879%.

At the time of writing, Binance Coin was down by 0.68% to $364.34. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $367.02 before falling to a low $362.73.

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 $356 to bring the first major resistance level at $396 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $386.58.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at the 38.2% FIB of $438 and the second major resistance level at $448.

A fall back through the $356 pivot would bring the first major support level at $304 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the 62% FIB of $273. The second major support level sits at $265.

Looking at the Technical Indicators

First Major Support Level: $304

Pivot Level: $356

First Major Resistance Level: $396

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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