It was yet another choppy start to the week. Binance Coin rose to a Sunday high $12.53 before hitting reverse.
Falling well short of the major resistance levels, Binance Coin slid to an early Monday current week low $10.59.
In spite of a 7.88% slide on Sunday, Binance Coin steered clear of the first major support level at $8.73.
Finding support on Monday, Binance Coin bounced back from the early low to strike a Tuesday current week high $12.99.
In spite of a 9.66% rally on Monday, Binance Coin came up short of the first major resistance level at $14.94.
While easing back from $12.9 levels, Binance Coin held onto $12 levels going into the mid-week sessions.
For the current week, Sunday through Tuesday, Binance Coin was up by just 2.89%.
The near-term bearish trend remained intact, however, supported by the late 2019 reversal and a March swing lo $6.42.
It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, with Binance Coin was down by 8.64% year-to-date.
For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.
At the time of writing, Binance Coin was down by 1.75% to $12.25. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $12.57 to a low $12.17.
Binance Coin continued to steer well clear of the major support and resistance levels.
Binance Coin would need to break back through the current week high $12.99 to support another run at the first major resistance level at $14.94 into play.
Support from the broader market would be needed, however, for Binance Coin to break out from $13 levels.
Barring a broad-based crypto rally ahead of the weekend, resistance at $13 would likely continue to cap any upside.
In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.
We would expect Binance Coin to come up short of the 23.6% FIB of $14.4, however.
Failure to move back through the current week high $12.99 could see Binance Coin hit reverse.
A pullback through to sub-$11.56 levels would bring sub-$10 levels into play before any recovery.
Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $8.73.
Major Support Level: $8.73
Major Resistance Level: $14.94
23.6% FIB Retracement Level: $18.8
38.2% FIB Retracement Level: $22.9
62% FIB Retracement Level: $29.5