Binance Coin Mid-Week Analysis – Resistance Levels in Play – 28/04/21

It’s been a bullish first half of the week. A break through to $630 levels would bring $700 levels into play.
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Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin slide to a Sunday current week low $459.68 before making a move.

While steering clear of the first major support level at $401, Binance Coin fell through the 23.6% FIB of $494.

Finding late support on Sunday, however, and through Monday Binance Coin struck a Tuesday current week high $584.79 before easing back.

While breaking back through the 23.6% FIB, Binance Coin fell short of the first major resistance level at $610.

For the current week, Sunday through Tuesday, Binance Coin was up by 14.48% to $569.70.

3 days in the green that included a 5.99% rally on Monday and a 6.29% gain on Tuesday delivered the early upside.

The near-term bullish trend remained intact supported by the current week’s gain. For the bears, a sustained fall through the 62% FIB of $250 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 142.1%.

At the time of writing, Binance Coin was up by 1.21% to $576.57. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $567.96 before rising to a high $582.76.

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 avoid a fall back through the pivot at $513 to bring the first major resistance level at $610 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $600 levels.

Barring an extended rally going into the weekend, the first major resistance level and last week’s high $625.35 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $700 before any pullback. The second major resistance level sits at $722.

Failure to avoid a fall back through the $513 pivot would bring the 23.6% FIB of $494 into play.

Barring another extended sell-off going into the weekend, however, Binance Coin should steer of the first major support level at $401.

Looking at the Technical Indicators

Major Support Level: $401

Major Resistance Level: $610

23.6% FIB Retracement Level: $494

38.2% FIB Retracement Level: $400

62% FIB Retracement Level: $250

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