It’s been a bearish 1st half of the week for Binance Coin, which saw 2-days in the red out of the 3 through the start of the week.
It was a particularly bearish start to the week. Binance Coin tumbled by 16.72% on Sunday, leading to a Monday intraweek low $15.60 before finding support.
Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.
Finding support through late Monday, Binance Coin fell by just 1.72% going into Tuesday at $16.80 levels.
The partial recovery saw Binance Coin break back through the second major support level on Monday.
A relatively choppy Tuesday, saw Binance Coin briefly revisit $17.4 levels before sliding back to sub-$17 levels.
Failing to break back through the first major support level at $18.52, Binance Coin fell back through the second major support level at $16.75.
Late support on the day led to a move back through the second major support level to deliver a 1.38% gain on the day.
For the current week, Binance Coin was down by 17.04%, Sunday through Tuesday.
The near-term bearish trend remained intact, supported by the late 2019 reversal and December’s swing lo $12.11.
It’s been a relatively bullish start to the year, however, with Binance Coin up by 23.4% from December’s swing lo.
For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.
At the time of writing, Binance Coin was down by 0.90% to $16.67. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $17.16 before falling to a low $16.54
Steering clear of the major resistance levels, Binance Coin fell back through the second major support level at $16.75.
Binance Coin would need to break back through to $20.20 levels to bring the first major resistance level at $21.95 into play.
Support from the broader market would be needed, however, for Binance Coin to break back through the major support levels and 23.6% FIB of $18.8.
Barring a broad-based crypto rebound ahead of the weekend, the 23.6% FIB would likely cap any upside.
Failure to break back through to $20.20 levels would see Binance Coin spend the week in the red.
A pullback through to sub-$16 levels would bring $14 levels into play before any recovery.
Barring an extended crypto meltdown, however, Binance Coin should steer clear of the third major support level at $13.32.
Major Support Level: $18.52
Major Resistance Level: $21.95
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5