It’s been a choppy start to the week for Binance Coin, with Binance Coin seeing 2-days in the green out of 3 going into Wednesday.
A bullish start to the week saw Binance Coin rise to a Sunday current week high $11.91 before hitting reverse.
Falling well short of the first major resistance level at $18.22, Binance Coin slid to a Monday current week low $8.19.
Steering clear of the first major support level at $4.24, Binance Coin bounced back to $10.00 levels.
The moves through the early part of the week saw Binance Coin rise by 2.13% on Sunday, before tumbling by 8.78% on Monday.
Risk aversion seen across the global equity markets weighed on the crypto markets on Monday.
A pickup in risk appetite across the global financial markets on Tuesday delivered an 8.8% rebound, however, to leave Binance Coin up by 1.48% for the current week, Sunday through Tuesday.
The near-term bearish trend remained intact, supported by the current reversal and last week’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 down by 24.69% 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 down by 1.3% to $10.14. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $10.54 before falling to a low $19.97
Binance Coin continued to leave the major support and resistance levels untested.
Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 into play.
Support from the broader market would be needed, however, for Binance Coin to break out from the 23.6% FIB of $14.4.
Barring a broad-based crypto rebound ahead of the weekend, resistance at $11 would likely cap any upside.
In the event of a breakout, Binance Coin could visit $12 levels before any pullback.
Failure to break back through to $12.30 levels could see Binance Coin hit reverse.
A pullback through to sub-$10 levels would bring $6 levels back into play before any recovery.
Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $4.24.
Major Support Level: $4.24
Major Resistance Level: $18.22
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5