It’s been another mixed 1st half of the week for Binance Coin.
Binance Coin fell by 1.64% on Sunday before finding support. Binance Coin recovered from a Sunday low $21.38 to strike a Monday current week high $23.01.
Steering clear of the first major support level at $20.75, Binance Coin also came up short of the first major resistance level at $24.19.
Following a 3.54% rally on Monday, Binance Coin slid by 5.38% on Tuesday. The sell-off saw Binance Coin fall through the first major support level at $20.75 to a current week low $20.70.
A late recovery on Tuesday back through to $21 levels reduced the deficit for the current week, however.
For the current week, Sunday through Tuesday, Binance Coin was down by 3.73% to $21.41. Two days in the red delivered the losses in the early part of the week.
The near-term bearish trend remained intact, supported by the late 2019 reversal and mid-March’s swing lo $6.42.
It had been a particularly bullish start to the year before the reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 56.8% 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 up by 2.55% to $21.95. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $21.25 to a high $22.24.
Binance Coin continued to leave the major support and resistance levels untested early in the day, however.
Binance Coin would need to move back through the $22.73 pivot level to support another run at the first major resistance level at $24.19.
Support from the broader market would be needed, however, for Binance Coin to break back through to $24 levels.
Barring an extended crypto rebound, the first major resistance level and last week’s high $24.7 would likely limit any upside.
In the event of another recovery, Binance Coin could test the second major resistance level at $26.17 before any pullback.
Failure to move through the $22.73 pivot level would bring the first major support level at $20.75 back into play.
Barring an extended crypto sell-off, however, Binance Coin should avoid sub-$20 levels and the 38.2% FIB of $19.4. The second major support level sits at $19.29.
Major Support Level: $20.75
Major Resistance Level: $24.19
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3