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 Monday current week high $283.50 before hitting reverse.
While falling short of the first major resistance level at $288, Binance Coin tested resistance at the 23.6% FIB of $283.
The reversal saw Binance Coin fall to a Tuesday current week low $246.14.
Steering clear of the first major support level at $239, Binance Coin moved back through to $255 levels to reduce the deficit for the current week.
For the current week, Sunday through Tuesday, Binance Coin was down by 3.25% to $255.55.
In spite of 2 days in the green, a 3.71% fall on Monday weighed early in the week.
The near-term bullish trend remained intact in spite of the current week pullback. For the bears, a sustained fall through the 62% FIB of $145 would form a near-term bearish trend.
It has been a particularly bullish start to the year, with Binance Coin up by 582%.
At the time of writing, Binance Coin was down by 1.59% to $251.49. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $257.02 before falling to a low $249.66.
Binance Coin left the major support and resistance levels untested early on.
Binance Coin would need to move back through the pivot level at $262 to support a run at the 23.6% FIB of $283 and the first major resistance level at $288.
Support from the broader market would be needed, however, for a Binance Coin break out from the current week high $283.50.
Barring an extended rally going into the weekend, the first major resistance level and resistance at $290 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test the second major resistance level at $311.
Failure to move back through the $262 pivot would bring the first major support level at $239 and the 38.2% FIB of $230 into play.
Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$230 levels. The second major support level sits at $213.
Major Support Level: $239
Major Resistance Level: $288
23.6% FIB Retracement Level: $283
38.2% FIB Retracement Level: $230
62% FIB Retracement Level: $145