It’s been a bearish 1st half of the week for Binance Coin.
A mixed start to the week, however, saw Binance Coin rise to a Monday current week high $408.63 before hitting reverse.
Falling short of the 38.2% FIB of $438 and the first major resistance level at $453, Binance Coin slid to a Tuesday current week low $316.75.
Steering clear of the first major support level at $309, Binance Coin returned to $350 levels to limit the downside.
For the current week, Sunday through Tuesday, Binance Coin was down by 9.63% to $352.83. A 9.06% slide on Monday and a 1.46% fall on Tuesday delivered the downside through the early part of the week.
The near-term bullish trend remained intact in spite of the recent 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 842%.
At the time of writing, Binance Coin was down by 4.42% to $337.25 on Wednesday morning. A mixed start to the day saw Binance Coin rise to an early high $354.94 before falling to a low $333.19.
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to move back through the pivot at $372 to bring the 38.2% FIB of $438 and the first major resistance level at $453 back into play.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $408.63.
Barring an extended rally going into the weekend, the first major resistance level at $453 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test the second major resistance level at $515.
Failure to move back through the $372 pivot would bring the first major support level at $309 back into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the 62% FIB of $273. The second major support level sits at $228.
First Major Support Level: $309
Pivot Level: $372
First Major Resistance Level: $453
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273