Binance Coin Mid-Week Analysis – Resistance Levels in Play – 17/03/21

It’s a bearish first half of the week for Binance Coin. A move back through to $280 levels, however, would bring resistance levels into play.
Binance

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 $279.37 before hitting reverse.

Falling short of the 23.6% FIB of $283 and the first major resistance level at $324, Binance Coin fell to a Monday current week low $236.11.

Steering clear of the 38.2% FIB of $230 and the first major support level at $224, Binance Coin revisited $260 levels before easing back.

For the current week, Sunday through Tuesday, Binance Coin was down by 6.00% to $259.59.

2-days in the red that included a 4.56% fall on Sunday weighed early in the week.

The near-term bullish trend remained intact in spite of the current week pullback. For the bears, a sustained fall through the 62% FIB of $145 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 593%.

At the time of writing, Binance Coin was down by 0.78% to $256.58. A mixed start to the day saw Binance Coin fall to an early Wednesday morning low $253.96 before rising to a high $261.24.

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

For the remainder of the week

Binance Coin would need to move through the pivot level at $273 and the 23.6% FIB of $283 to support a run at the first major resistance level at $324.

Support from the broader market would be needed, however, for a Binance Coin break back through to $300 levels.

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

In the event of an extended breakout, however, Binance Coin could test resistance at February’s swing hi $368.29 before any pullback. The second major resistance level sits at $373.

Failure to move through the $273 pivot would bring the 38.2% FIB of $230 and the first major support level at $224 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$200 levels. The second major support level sits at $173.

Looking at the Technical Indicators

Major Support Level: $224

Major Resistance Level: $324

23.6% FIB Retracement Level: $283

38.2% FIB Retracement Level: $230

62% FIB Retracement Level: $145

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