Binance Coin Mid-Week Analysis – Support Levels in Play – 13/01/21

It’s been a bearish first half of the week. Failure for Binance Coin to move back through to $42 levels would leave support levels in play.
Binance is a finance exchange market. Crypto Currency background concept.

Binance Coin Price Support

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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