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.
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.
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