Binance Coin Mid-Week Analysis – Resistance Levels in Play – 17/02/21

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin rise to a Sunday current week high $141.93 before hitting reverse.

Falling well short of the first major resistance level at $169.21, Binance Coin fell to a Monday current week low $115.71.

While steering well clear of the first major support level at $79.31, Binance Coin fell through the 23.6% FIB of $117.

Finding support late Monday and through Tuesday, Binance Coin revisited $139 levels before easing back.

Binance Coin moved back through the 23.6% FIB of $117 to end Tuesday at $130 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 2.61% to $130.04

A 4.39% slide on Monday delivered the downside for the 1st half of the week.

The near-term bullish trend remained intact, supported by last week’s new swing hi $150.86. For the bears, a fall through the 62% FIB of $62 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 247%.

At the time of writing, Binance Coin was down by 0.52% to $129.43. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high 131.74 before falling to low $127.41.

Binance Coin left the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to avoid a fall through the 23.6% FIB of $117 and the $115.08 pivot to support a run at the first major resistance level at $169.21.

Support from the broader market would be needed, however, for a Binance Coin break out from last week’s swing hi $150.86.

Barring an extended rally going into the weekend, resistance at $150 would likely leave Binance Coin short of the major resistance levels.

In the event of an extended breakout, however, Binance Coin could test resistance at $200 before any pullback. The second major resistance level sits at $204.98.

Failure to avoid a fall through 23.6% FIB of $117 and the $115.08 pivot would bring the 38.2% FIB of $96 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should avoid the first major support level at $79.31.

Looking at the Technical Indicators

Major Support Level: $79.31

Major Resistance Level: $169.21

23.6% FIB Retracement Level: $117

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $62

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