It’s been a mixed start to the week, with Binance Coin seeing 2 consecutive days in the green before seeing red on Tuesday.
The mixed start to the week saw Binance Coin fall to a Sunday current week low $15.91 before making a move.
Steering clear of the first major support level at $14.92, Binance Coin rallied to a Monday current week high $16.72 before easing back.
Falling short of the first major resistance level at $17.41, Binance Coin fell back to sub-$16.10 levels before finding support.
Following 0.81% and 0.34% gains on Sunday and Monday, a 0.31% decline on Tuesday limited the gains for the current week.
For the current week, Sunday through Tuesday, Binance Coin was up by 0.61% to $16.39.
The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.
It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by 20.07% year-to-date.
For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.
At the time of writing, Binance Coin was down by 0.28% to 16.34. It was a bearish start to the day on Wednesday. Binance Coin fell from an early morning high $16.73 to a low $16.18.
Binance Coin continued to leave the major support and resistance levels untested early on.
Binance Coin would need to avoid a return to sub-$16 levels to support a run at the first major resistance level at $17.41.
Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $17.24
Barring an extended crypto rally ahead of the weekend, resistance at $17 would likely leave Binance Coin short of the first major resistance level.
In the event of a breakout, Binance Coin could test resistance at $18 before any pullback.
Failure to avoid sub-$16 levels could see Binance Coin hit reverse.
A pullback through the current week low $15.91 would bring the first major support level at $14.92 into play.
Barring an extended crypto sell-off, however, Binance Coin should steer clear of the 23.6% FIB of $14.40.
Major Support Level: $14.92
Major Resistance Level: $17.41
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3