Binance Coin Mid-Week Analysis – Support Levels in Play – 24/03/21

Binance Coin Price Support

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.

BNBUSD 240321 Daily Chart

For the remainder of the week

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.

Looking at the Technical Indicators

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

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