It’s been yet another mixed 1st half of the week for Binance Coin.
Binance Coin rose to a Sunday high $612.57 before hitting reverse.
Falling short of the first major resistance level at $672, Binance Coin fell through the 23.6% FIB of $540 to a Monday current week low $482.02.
Testing support at the first major support level at $482, Binance Coin broke back through to $500 levels to limit the downside.
Resistance at the 23.6% FIB of $540 pinned Binance Coin back on Tuesday, however.
For the current week, Sunday through Tuesday, Binance Coin was down by 9.79% to $508.25. A 9.15% slide on Monday did the damage in the early part of the week.
The near-term bullish trend remained intact in spite of the current week’s losses. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 1,257%.
At the time of writing, Binance Coin was down by 0.45% to $505.98. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $501.55 before rising to a high $519.19.
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to move back through 23.6% FIB of $540 and the pivot at $591 to bring the first major resistance level at $673 back into play.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $612.57.
Barring an extended rally going into the weekend, the first major resistance level and last week’s new swing hi $704.62 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $782.
Failure to move back through the 23.6% FIB and the $591 pivot would bring the first major support level at $482 back into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the second major support level at $401. The 38.2% FIB of $438 should limit the downside.
Major Support Level: $482
Major Resistance Level: $673
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273