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 $316.45 before hitting reverse.
The early rally saw Binance Coin break through the 23.6% FIB of $283 to revisit $300 levels before hitting reverse.
Falling well short of the first major resistance level at $376.19, Binance Coin slid to a Tuesday current week low $184.36.
The sell-off saw Binance Coin fall through the 23.6% FIB of $283 and the 38.2% FIB of $230.
Steering clear of the 62% FIB of $145 and the first major support level at $123.61, Binance Coin broke back through the 38.2% FIB. The partial recovery saw Binance Coin wrap Tuesday up at $231 levels.
For the current week, Sunday through Tuesday, Binance Coin was down by a relatively modest 8.76% to $231.53.
A 9.35% slide on Monday and a 13.52% tumble on Tuesday delivered the downside for the 1st half of the week.
The near-term bullish trend remained intact, in spite of the current week sell-off. 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, however, with Binance Coin up by 518%.
At the time of writing, Binance Coin was up by 1.97% to $236.09. A mixed start to the day saw Binance Coin fall to an early Wednesday low $213.17 before rising to a high $239.25.
While steering clear of the major support and resistance levels, Binance Coin briefly fell back through the 38.2% FIB of $230.
Binance Coin would need to move back through the $246 pivot to support a run at the first major resistance level at $376.
Support from the broader market would be needed, however, for a Binance Coin break out from the 23.6% FIB of $283.
Barring an extended rally going into the weekend, however, resistance at the current week high $316.45 would likely leave Binance Coin short of the first major resistance level at $376.
In the event of an extended breakout, however, Binance Coin could test resistance at last week’s new swing hi $368.29.
Failure to move through the $246 pivot would bring the 38.2% FIB of $230 and the 62% FIB of $145 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer well clear of the first major support level at $124.
Major Support Level: $124
Major Resistance Level: $376
23.6% FIB Retracement Level: $283
38.2% FIB Retracement Level: $230
62% FIB Retracement Level: $145