Binance Coin Mid-Week Analysis – Resistance Levels in Play – 05/05/21

Binance Coin Price Resistance

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

Binance Coin fell to a Sunday current week low $593.05 before making a move.

Steering clear of the 23.6% FIB of $509 and the first major support level at $499, Binance Coin rallied to a Monday intraweek high and a new swing hi $704.62.

Binance Coin broke through the first major resistance level at $703 before pulling back to sub-$680 levels on Monday.

On Tuesday, the pullback continued, with Binance Coin sliding back to sub-$600 levels before finding support to wrap up the day at $609 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 1.90% to $609.27.

A 9.99% slide on Tuesday reversed gains from Sunday and Monday.

The near-term bullish trend remained intact supported by the current week’s gain. For the bears, a sustained fall through the 62% FIB of $250 would form a near-term bearish trend.

It has been a particularly bullish start to the year, with Binance Coin up by 1,527%.

At the time of writing, Binance Coin was up by 3.16% to $628.52. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $600.92 before rising to a high $642.95.

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

BNBUSD 050521 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the pivot at $581 to bring the first major resistance level at $703 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $700 levels.

Barring an extended rally going into the weekend, the first major resistance level and this week’s new swing hi $704.62 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $785.

Failure to avoid a fall back through the $581 pivot would bring the 23.6% FIB of $540 and the first major support level at $499 into play.

Barring another extended sell-off going into the weekend, however, Binance Coin should steer of the 38.2% FIB of $438. The second major support level sits at $377.

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