It’s been a particularly bearish 1st half of the week, with Binance Coin seeing 2 consecutive days in the red before finding support on Tuesday.
Binance Coin tumbled from a Sunday current week high $17.02 to a Sunday current week low $13.62 before finding support.
The reversal saw Binance Coin fall through the first major support level at $15.28 and the second major support level at $13.77.
More significantly, Binance Coin fell through the 38.2% FIB of $14.40.
Finding support on Monday, Binance Coin broke back through the major support levels before sliding back to sub-$14 levels.
Support on Tuesday kicked in to limit the downside, though a visit to $16 levels was brief…
For the bulls, Binance Coin fell well short of the first major resistance level at $18.28.
In the current week, Binance Coin was down by 5.55% to $15.82, Sunday through Tuesday. An 8.46% tumble on Sunday coupled with a 1.68 loss did the damage. A 4.77% rally on Tuesday, did limit the downside, however.
The near-term bearish trend remained intact, however, 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 15.90% 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 0.64% to $15.92. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $15.61 to a high $16.07.
Binance Coin left the major support and resistance levels untested.
Binance Coin would need to move back through to $16.80 levels to support a run at the first major resistance level at $18.28.
Support from the broader market would be needed, however, for Binance Coin to breakout back through to $18 levels.
Barring an extended crypto rally ahead of the weekend, the first major resistance level would likely leave $19 levels out of play.
In the event of a breakout, the 38.2% FIB of $19.4 would likely leave Binance Coin short of the second major resistance level at $19.77.
Failure to move back through to $16.80 could see Binance Coin fall deeper into the red.
A pullback through to the first major support level at $15.28 would bring the 23.6% FIB of $14.40 back into play.
Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back through the second major support level at $13.77.
Major Support Level: $15.28
Major Resistance Level: $18.28
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3