Binance Coin Mid-Week Analysis – Resistance Levels in Play – 30/06/21

It’s been a bullish first half of the week. Avoiding a fall back through the week’s pivot level at $284 would support a run at the major resistance levels.
Binance

Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin fall to a Sunday current week low $263.06 making a move.

While steering clear of the first major support level at $221, Binance Coin fell through the 62% FIB of $273.

Finding support on Monday, however, Binance Coin rallied to a Tuesday current week high $318.24.

While falling short of the first major resistance level at $343, Binance Coin broke back through the 62% FIB.

For the current week, Sunday through Tuesday, Binance Coin was up by 7.53% to $300.87. A 3.99% gain on Sunday and a 3.74% rise on Tuesday delivered the early upside.

The near-term bullish trend remained intact in spite of the return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish first half of the year, however, with Binance Coin up by 703% year-to-date.

At the time of writing, Binance Coin was down by 0.92% to $298.11. A mixed start to the day on Wednesday saw Binance Coin fall to an early low $295.35 before rising to a high $303.28.

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 $284 to bring the first major resistance level at $343 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $318.24.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $350 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $400. The second major resistance level sits at $405.

A fall back through the $284 pivot would bring the 62% FIB of $273 and the first major support level at $221 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 $162.

Looking at the Technical Indicators

First Major Support Level: $221

Pivot Level: $284

First Major Resistance Level: $343

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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