Binance Coin Mid-Week Analysis – Resistance Levels in Play – 31/03/21

Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin.

A mixed start to the week, however, saw Binance Coin fall to a Monday current week low $256.90 before making a move.

Steering clear of the first major support level at $234 and the 38.2% FIB of $230, Binance Coin rallied to a Tuesday intraweek high $314.76.

Binance Coin broke through the 23.6% FIB of $283 and the firsts major resistance level at $294.

Falling short of the second major resistance level at $319, Binance Coin slipped back to sub-$300 before ending Tuesday at sub-$311 levels.

In spite of the pullback, Binance Coin avoided a fall back through the first major resistance level.

For the current week, Sunday through Tuesday, Binance Coin was up by 15.64% to $311.34.

2 days in the green that included an 13.22% rally on Tuesday delivered the early upside.

The near-term bullish trend remained intact supported by the current week gain. 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 731%.

At the time of writing, Binance Coin was down by 0.33% to $310.32. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $307.63 before rising to a current week high $317.13.

Binance Coin left the major support and resistance levels untested early on.

BNBUSD 310321 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level at $294 to support a run at the second major resistance level at $319.

Support from the broader market would be needed, however, for a Binance Coin break out from the current week high $317.13.

Barring an extended rally going into the weekend, resistance at $320 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $340 before any pullback. The third major resistance level sits at $378.

Failure to avoid a fall back through the first major resistance level at $294 would bring the 23.6% FIB of $283 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of sub-$280 levels. The first major support level sits at $234.

Looking at the Technical Indicators

Major Support Level: $234

Major Resistance Level: $294

23.6% FIB Retracement Level: $283

38.2% FIB Retracement Level: $230

62% FIB Retracement Level: $145

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