Binance Coin Price Resistance
It’s been a choppy but bullish 1st half of the week for Binance Coin.
Binance Coin slid to an early Sunday morning current week low $18.46 before finding support.
While steering well clear of the week’s first major support level at $16.20, Binance Coin fell through the 38.2% FIB of $19.4.
Recovering from the early low, Binance Coin rallied to a Tuesday a current high $24.13.
Falling short of the first major resistance level at $24.32, Binance Coin fell back to sub-$22 levels before finding support.
For the current week, Sunday through Tuesday, Binance Coin was up by 19.48% to $23.26. Two days in the green that included an 18.93% surge on Sunday delivered the upside in the early part of the week.
The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.
It has been a particularly bullish start to the year in spite of a reversal. Having been up by as much as 101% year-to-date, Binance Coin was up by 70.4% 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 1.64% to $22.88. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $24.12 before falling to a low $22.78.
Binance Coin continued to leave the major support and resistance levels untested early in the day.
For the remainder of the week
Binance Coin would need to avoid a fall back through the $21.24 pivot level to support another run at the first major resistance level at $24.52.
Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $24.13.
Barring an extended crypto rebound, the first major resistance level would likely limit any upside.
In the event of an extended breakout, Binance Coin could test the 62% FIB of $27.3 before any pullback.
Failure to avoid a fall back through the $21.24 pivot level would bring sub-$20 levels back into play.
Barring an extended crypto sell-off, however, the 38.2% FIB of $19.4 should limit any downside in the week.
We would expect Binance Coin to steer well clear of the first major support level at $16.20, however.
Looking at the Technical Indicators
Major Support Level: $16.20
Major Resistance Level: $24.52
23.6% FIB Retracement Level: $14.4
38.2% FIB Retracement Level: $19.4
62% FIB Retracement Level: $27.3