It’s been a bearish 1st half of the week for Binance Coin.
Binance Coin rallied to a Sunday current week high $47.42 before hitting reverse.
Falling short of the first major resistance level at $50.22. Binance Coin slid to a Monday current week low $32.43.
The sell-off saw Binance Coin fall through the first major support level at $35.82.
More significantly, Binance Coin fell through the 23.6% FIB of $38.4.
Finding support at the 38.2% FIB of $32.3, Binance Coin revisited $41 levels on Tuesday before falling back to sub-$40 levels.
Binance Coin broke back through the first major support level and the 23.6% FIB.
A late pullback on Tuesday, however, saw Binance Coin fall back through the 23.6% FIB to $38.2 levels.
For the current week, Sunday through Tuesday, Binance Coin was down by 13.1% to $38.26
2 days in the red from 3 that included a 10% slide on Monday delivered the downside.
The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, a fall through the 62% FIB of $22 would form a near-term bearish trend.
It has been a bullish start to the year, with Binance Coin up by 2.14%.
At the time of writing, Binance Coin was down by 1.36% to $37.74. A mixed start to the day on Wednesday saw Binance Coin rise to an early Wednesday morning high $39.01 before falling to a low $36.28.
While Binance Coin left the major support and resistance levels untested, Binance Coin briefly broke through the 23.6% FIB of $38.4.
Binance Coin would need to move back through 23.6% FIB and the $42 pivot to bring the first major resistance level at $50.22 into play.
Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $48.24.
Barring an extended crypto rally, resistance at $45 would likely leave Binance Coin short of the major resistance levels.
In the event of an extended breakout, however, Binance Coin could test resistance at $55 before any pullback. The second major resistance level sits at $56.53.
Failure to move back through the 23.6% FIB of $38.4 and the $42 pivot would bring the first major support level at $35.82 back into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer clear of sub-$30 levels. The 38.2% FIB of $32.3 should limit any downside.
Major Support Level: $36
Major Resistance Level: $50
23.6% FIB Retracement Level: $38
38.2% FIB Retracement Level: $32
62% FIB Retracement Level: $22