It’s been yet another bearish start to the week for Binance Coin.
A mixed start to the week saw Binance Coin rise to a Sunday current week high $14.71 before hitting reverse.
Falling well short of the first major resistance level at $15.49, Binance Coin tumbled to a Tuesday current week low and new swing lo $12.11.
On a first visit to sub-$13 levels since March, Binance Coin fell through the first major support level at $13.71 and second major support level at $13.06.
The slide came off the back of a 6.59% slide on Monday and an 8.04% tumble on Tuesday. A 0.1% gain on Sunday did very little to spur demand.
Through the 2nd half of the day on Tuesday, Binance Coin had managed to move back through the second major support level before succumbing to. Market forces.
For the current week, Sunday through Tuesday, Binance Coin was down by 14.12% to $12.35
The near-term bearish trend remained intact, supported by the current week loss and new swing lo. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.
For the bulls, Binance coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.
At the time of writing, Binance Coin was up by 2.33% to $12.63. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $12.24 to a morning high $12.71.
In spite of the early rally, Binance Coin failed to break back through the second major support level at $13.06.
Binance Coin would need to break back through the first major support level at $13.71 to bring the first major resistance level at $15.49 into play
Support from the broader market would be needed, however, for Binance Coin to break out from $14 levels.
Barring a broad-based crypto rebound, the first major support level at $13.71 would likely pin Binance Coin back in the week.
Failure to move through the first major support level could see Binance Coin slide deeper into the red.
A pullback through the current week low $12.11 would bring the third major support level at $11.28 into play.
Barring a crypto meltdown, however, support at $12 levels should limit the downside in the week.
Major Support Level: $13.71
Major Resistance Level: $15.49
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5