It’s been a bullish 1st half of the week for Binance Coin.
A bearish start to the week, however, saw Binance Coin fall to a Sunday current week low $28.35 before making a move.
Steering clear of the first major support level at $27.5 and the 23.6% FIB of $27.5, Binance Coin rallied to a Tuesday current week high $36.83.
Binance Coin broke through the first major resistance level at $32.33 and the second major resistance level at $34.12.
A pullback from Tuesday morning’s high saw Binance Coin fall back through the major resistance levels before wrapping up the day at $33 levels.
For the current week, Sunday through Tuesday, Binance Coin was up by 11.1% to $33.95.
2 days in the green out of 3 that included a 9.38% rally on Tuesday delivered the upside.
The near-term bullish trend remained intact, supported by the latest rebound. For the bears, a fall through the 62% FIB of $17 would form a near-term bearish trend.
It has been a particularly bullish year in spite of a mid-year blip. Year-to-date, Binance Coin was up by 148.7%.
At the time of writing, Binance Coin was down by 2.60% to $33.06. A mixed start to the day saw Binance Coin rise to an early Wednesday morning high $35.52 before falling to a low $33.06.
Binance Coin broke back through the second major resistance level at $34.12 before easing back in the early part of Wednesday morning.
Binance Coin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $34.12.
Support from the broader market would be needed, however, for Binance Coin to break back through to $34 levels.
Barring an extended crypto rally, the second major resistance level and resistance at $35 would likely cap any upside.
In the event of an extended breakout, however, the third major resistance level at $38.95 would likely cap any upside.
Failure to avoid a fall back through the first major resistance level at $32.33 would bring sub-$30 levels into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should avoid the pivot level at $29.29. The first major support level sits at $27.50, along with the 23.6% FIB.
Major Support Level: $27.50
Major Resistance Level: $32.33
23.6% FIB Retracement Level: $27.5
38.2% FIB Retracement Level: $23.5
62% FIB Retracement Level: $17.00