Binance Coin Mid-Week Analysis – Resistance Levels in Play – 27/01/21

It’s been a mixed start to the week for Binance Coin. A move through the current week high $45.77 would signal a run at $50 levels.
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Binance Coin Price Resistance

It’s been another mixed 1st half of the week for Binance Coin.

Recovering from a Sunday low $39.09, Binance Coin rose to a Monday current week high $45.77 before hitting reverse.

Falling short of the first major resistance level at $48.39, Binance Coin fell to a Tuesday current week low $38.90.

While steering clear of the first major support level at $34.10, Binance Coin found support at the 23.6% FIB of $38.9.

Recovering from early losses on Tuesday, Binance Coin broke back through to $41 levels to return to positive territory.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.35% to $41.88.

2 days in the green from 3 that included a 2.28% gain on Sunday delivered the upside.

The near-term bullish trend remained intact, supported by last Monday new swing hi $48.98. For the bears, a fall through the 62% FIB of $22.7 would form a near-term bearish trend.

It has also been a bullish start to the year, with Binance Coin up by 11.80%.

At the time of writing, Binance Coin was down by 0.78% to $41.55. A mixed start to the day on Wednesday saw Binance Coin fall to an early Wednesday morning low $40.90 before rising to a high $42.39.

Binance Coin left the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to avoid a fall back through $41.54 pivot to bring the first major resistance level at $48.39 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $45.77.

Barring an extended crypto rally, the first major resistance level and resistance at $50 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $55 before any pullback. The third major resistance level sits at $55.83.

Failure to avoid a fall back through $41.54 pivot would bring the 23.6% FIB of $38.9 and the first major support level at $34.10 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of the 38.2% FIB of $32.7. The second major support level sits at $27.25.

Looking at the Technical Indicators

Major Support Level: $34.10

Major Resistance Level: $48.39

23.6% FIB Retracement Level: $38.9

38.2% FIB Retracement Level: $32.7

62% FIB Retracement Level: $22.7

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