It’s been a particularly choppy 1st half of the week for Binance Coin.
At the start of the week, Binance Coin rose to a current week high 17.92 on Sunday before hitting reverse.
Falling well short of the first major resistance level at $19.13, Binance Coin tumbled to a Sunday current week low $16.61.
Steering clear of the first support level at $15.98, Binance Coin recovered to end the day at $17.42. In spite of the recovery, Binance Coin fell by 0.74% on Sunday.
Following a flat Monday, which saw Binance Coin gain just 0.17%, it was back into the red on a choppy Tuesday.
At the start of the day, Binance Coin struck an early morning high $17.69 before falling to a low $16.97.
While finding support from the broader market, Binance Coin fell by 0.36% on the day.
For the current week, Sunday through Tuesday, Binance Coin was down by 0.97% to $17.39.
Just the 1-day in the green out of 3 limited the downside in the 1st half of the week.
The near-term bearish trend remained intact, 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 just 27.40% 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 up by 0.10% to 17.41. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $17.32 before rising to high $17.51.
Binance Coin steered clear of the major support and resistance levels in the early part of the day.
Binance Coin would need to move back through to $17.60 levels to support a run at the first major resistance level at $19.13.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.92
Barring an extended crypto rally ahead of the weekend, resistance at $18 would likely leave Binance Coin short of the first major resistance level.
In the event of another breakout, the 38.2% FIB of $19.4 would likely limit any upside in the week.
Failure to move back through to $17.60 levels could see Binance Coin fall deeper into the red.
A pullback through to sub-$17 levels would bring the first major support level at $15.98 back into play.
Barring another extended crypto sell-off, however, Binance Coin should avoid sub-$16 levels.
Major Support Level: $15.98
Major Resistance Level: $19.13
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3