Binance Coin Mid-Week Analysis – Support Levels in Play – 09/06/21

It’s been a bearish first half of the week. A move back through the week’s pivot level would support another run at the week’s resistance levels.
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Binance Coin Price Support

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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