Binance Coin Mid-Week Analysis – Resistance Levels in Play – 19/05/21

It’s been a bearish first half of the week for Binance Coin. A move back through to $600 levels would be needed to resume the upward trend.
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Binance Coin Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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