Binance Coin Mid-Week Analysis – Resistance Levels in Play – 21/04/21

It’s another bullish half of the week for Binance Coin. Avoiding a fall back through the week’s pivot level would support a run at $700 levels.
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Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin slide to a Sunday current week low $416.04 before making a move.

The sell-off saw Binance Coin fall through the 23.6% FIB of $494 and the first major support level at $428.

Finding late support on Sunday, however, and through Monday and Tuesday, Binance Coin struck a Tuesday high $594.80.

While breaking back through the first major support level and 23.6% FIB, Binance Coin fell short of the first major resistance level at $623.

For the current week, Sunday through Tuesday, Binance Coin was up by 14.16% to $587.63.

2 days in the green that included an 16.49% rally on Tuesday delivered the early upside. A 6.24% slide on Sunday limited the upside, however.

The near-term bullish trend remained intact supported by the current week gain. For the bears, a sustained fall through the 62% FIB of $250 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 1,469%.

At the time of writing, Binance Coin was up by 0.75 % to $592.02. A mixed start to the day on Wednesday saw Binance Coin fall to an early Wednesday low $569.78 before rising to a high $607.44.

Binance Coin briefly fell back through the first major resistance level at $548.

For the remainder of the week

Binance Coin would need to avoid a fall back through the pivot at $536 to bring the first major resistance level at $623 back into play.

Barring an extended rally going into the weekend, the first major resistance level and last week’s high $643.66 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $700 before any pullback. The second major resistance level sits at $731.

Failure to avoid a fall back through the $536 pivot would bring the 23.6% FIB of $494 into play.

Barring another extended sell-off going into the weekend, however, Binance Coin should steer of the first major support level at $428.

Looking at the Technical Indicators

Major Support Level: $428

Major Resistance Level: $623

23.6% FIB Retracement Level: $494

38.2% FIB Retracement Level: $400

62% FIB Retracement Level: $250

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