Binance Coin Mid-Week Analysis – Support Levels in Play – 14/07/21

It’s been a bearish first half of the week for Binance Coin. Failure to move back through to $320 levels would leave support levels in play.

Binance Coin Price Support

It’s been a bearish 1st half of the week for Binance Coin.

A mixed start to the week, however, saw Binance Coin rise to a Monday current week high $336.76 before hitting reverse.

Falling short of the first major resistance level at $344, Binance Coin fell to a Tuesday low $302.23.

Steering clear of the first major support level at $288, however, Binance Coin ended Tuesday at $308 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 2.31% to $308.92. A 1.80% loss on Monday and a 2.29% decline on Tuesday delivered the early downside.

The near-term bullish trend remained intact in spite of the return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish year-to-date, however, with Binance Coin up by 725% year-to-date.

At the time of writing, Binance Coin was down by 2.94% to $299.83. A mixed start to the day on Wednesday saw Binance Coin rise to an early high $310.05 before falling to a current week low $295.96

In spite of the pullback, Binance Coin continued to avoid the first major support level at $288.

For the remainder of the week

Binance Coin would need to move back through to the $316 pivot to bring the first major resistance level at $344 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $336.76.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $350 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test the second major resistance level at $371.

Failure to move back through the $316 pivot would bring the first major support level at $288 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the second major support level at $260. The 62% FIB of $273 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $288

Pivot Level: $316

First Major Resistance Level: $343

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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