Binance Coin Mid-Week Analysis – Resistance Levels in Play – 24/02/21

It’s been a bearish first half of the week. A move back through to $300 levels would bring resistance levels into play.
Binance is a finance exchange market. Crypto Currency background concept.

Binance Coin Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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