It’s been a choppy 1st half of the week for Binance Coin.
Binance Coin tumbled to a Sunday current week low $210.95 before making a move.
The Sunday sell-off saw Binance Coin slide through the 62% FIB of $273 before rallying to a Tuesday current week high $378.82.
While breaking back through the 62% FIB, Binance Coin fell well short of the 38.2% FIB of $438 and the first major resistance level at $523.
A pullback from the current week high saw Binance Coin visit $304 levels before moving back through to $340 levels.
For the current week, Sunday through Tuesday, Binance Coin was up by 14.64% to $343.84. A 32.55% surge on Monday delivered the upside in the early part of the week.
The near-term bullish trend remained intact in spite of the current week’s losses. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 818%.
At the time of writing, Binance Coin was up by 2.42% to $352.15. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $335.46 before rising to a high $353.07.
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to move through the pivot at $390 to bring the first major resistance level at $523 back into play.
Support from the broader market would be needed, however, for Binance Coin to break out from the 38.2% FIB of $438.
Barring an extended rally going into the weekend, resistance at the 38.2% FIB would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at $550 before any pullback. The second major resistance level sits at $745.
Failure to move through the $390 pivot would bring the 62% FIB of $273 and the first major support level at $167 back into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$200 levels. The second major support level sits at $34.
Major Support Level: $167
Major Resistance Level: $523
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273