Binance Coin Mid-Week Analysis – Support Levels in Play – 23/06/21

It’s been a bearish start to the week, with Binance Coin struggling to recover from Monday’s sell-off. A move back through to $350 levels would support a breakout.
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Binance Coin Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

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

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