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.
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.
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