Binance Coin Mid-Week Analysis – Resistance Levels in Play – 26/05/21

It’s been a relatively bullish first half of the week for Binance Coin. A move back through the $390 pivot to $400 levels would support a breakout.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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