It’s been another bearish start to the week for Binance Coin.
2 consecutive days in the red saw Binance Coin fall from a Sunday current week high $15.75 to a Monday low $14.92.
Falling short of the first major resistance level at $16.89, Binance Coin also steered clear of the first major support level at $14.22.
In what has been a relatively choppy week, Binance Coin had recovered to a Monday high $15.67 before seeing the 2nd day in the red.
On Tuesday, much-needed support kicked in, with Binance Coin recovering from sub-$15 levels to end a 3-day losing streak.
A 0.53% gain on Tuesday was not enough to reverse losses from earlier in the week, however.
For the current week, Sunday through Tuesday, Binance Coin was down by 2.99% to $15.27.
The near-term bearish trend remained intact, supported by the current week loss. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.
For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.
At the time of writing, Binance Coin was down by 1.33% to $15.07. A bearish start to the day on Wednesday saw Binance Coin slide from an early morning high $15.40 to a new current week low $14.83.
Binance Coin continued to hold above the week’s first major support level at $14.22, however.
Binance Coin would need to move back through to $15.40 levels to support a run at the first major resistance level at $16.89.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $15.75.
Barring a broad-based crypto rebound, resistance at $15.40 levels would likely pin Binance Coin back in the red.
Failure to move through to $15.40 levels could see Binance Coin slide deeper into the red.
A pullback through the new current week low $14.83 would bring the first major support level at $14.22 into play.
Sub-$14 levels could come back into play should Binance Coin slide through the first major support level.
Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.72.
Major Support Level: $14.22
Major Resistance Level: $16.89
23.6% FIB Retracement Level: $20
38.2% FIB Retracement Level: $24
62% FIB Retracement Level: $30