Binance Coin Mid-Week Analysis – Resistance Levels in Play – 07/04/21

Binance Coin Price Resistance

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

A mixed start to the week, however, saw Binance Coin slip to a Sunday current week low $315.91 before making a move.

Steering clear of the 23.6% FIB of $283 and the first major support level at $265, Binance Coin rallied to a Tuesday current week high and a new swing hi $422.08.

Binance Coin broke through the first major resistance level at $372 to test the second major resistance level at $422 before easing back.

In spite of easing back, Binance Coin avoided a fall back through the first major resistance level at $372.

For the current week, Sunday through Tuesday, Binance Coin was up by 25.29% to $403.49.

3 days in the green that included an 8.41% rally on Sunday and a 9.63% 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 $165 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 977.12%.

At the time of writing, Binance Coin was down by 1.92% to $395.73. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $406.90 before falling to a low $390.98.

Binance Coin avoided a fall back through the first major resistance level at $372.

BNBUSD 070421 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the first major resistance level at $372 to support another run at the second major resistance level at $422.

Barring an extended rally going into the weekend, the second major resistance level at $422 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $460 before any pullback. The third major resistance level sits at $530.

Failure to avoid a fall back through the first major resistance level at $372 would bring the 23.6% FIB of $324 into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the pivot level at $315. The first major support level sits at $265.

Looking at the Technical Indicators

Major Support Level: $265

Major Resistance Level: $372

23.6% FIB Retracement Level: $324

38.2% FIB Retracement Level: $263

62% FIB Retracement Level: $165

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