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

It’s been a particularly bearish first half of the week for Binance Coin. Failure to move back through the 62% FIB of $273 would leave Binance Coin in the deep red for the week.
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Binance Coin Price Support

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

A mixed start to the week, however, saw Binance Coin rise to a Sunday current week high $314.11 before hitting reverse.

Falling short of the first major resistance level at $329, Binance Coin slid to a Tuesday current week low $254.58.

Binance Coin fell through the first major support level at $281 and the second major support level at $261.

More significantly, Binance Coin also fell through the 62% FIB of $273.

Finding support on Tuesday, however, Binance Coin moved back through the second major support level to end the day at $264 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 12.01% to $264.46. A 7.17% slide on Monday and a 5.71% 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 606% year-to-date.

At the time of writing, Binance Coin was down by 0.18% to $264.00. A mixed start to the day on Wednesday saw Binance Coin rise to an early high $266.59 before falling to a low $261.06

In spite of the pullback, Binance Coin avoided a fall back the second major support level at $261 early on.

For the remainder of the week

Binance Coin would need to move back through to the 62% FIB of $273 and the first major support level at $281 to bring the first major resistance level at $329 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the week’s $309 pivot.

Barring an extended rally going into the weekend, the first major resistance level at $329 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $340 before any pullback. The second major resistance level sits at $357.

Failure to move back through the 62% FIB and the first major support level would bring the second major support level at $261 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$250 levels. The third major support level sits at $213.

Looking at the Technical Indicators

First Major Support Level: $281

Pivot Level: $309

First Major Resistance Level: $329

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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