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 Sunday current week high $346.41 before hitting reverse.
Falling short of the first major resistance level at $376, Binance Coin slid to a Tuesday current week low $224.74.
The sell-off saw Binancce Coin fall through the first major support level at $306 and the second major support level at $277.
More significantly, Binance Coin also fell through the 62% FIB of $273 before finding support.
Recovering from Tuesday’s low, Binance Coin briefly broke back through the 62% FIB and the second major support level.
A bearish end to the day, however, saw Binance Coin fall back to sub-$270 levels.
For the current week, Sunday through Tuesday, Binance Coin was down by 21.51% to $262.2. A 20.09% tumble on Monday delivered the downside early in the week.
The near-term bullish trend remained intact in spite of the recent 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 first half of the year, however, with Binance Coin up by 600% year-to-date.
At the time of writing, Binance Coin was up by 1.94% to $267.29. A mixed start to the day on Wednesday saw Binance Coin fall to an early low $252.53 before rising to a high $270.94
Binance Coin left the major support and resistance levels untested early in the day on Wednesday.
Binance Coin would need to break back through the 62% FIB of $273, the major support levels and the pivot at $347 to bring the first major resistance level at $376 into play.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $346.41.
Barring an extended rally going into the weekend, resistance at $350 would likely leave Binance Coin short of the major resistance levels.
In the event of an extended breakout, however, Binance Coin could test resistance at the 38.2% FIB of $438. The second major resistance level sits at $417.
Failure to move back through the second and first major support levels would bring the third major support level at $207.44 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$200 levels.
First Major Support Level: $306
Pivot Level: $347
First Major Resistance Level: $376
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273