Binance Coin Mid-Week Analysis – Resistance Levels in Play – 16/06/21

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 slid to a Sunday current week low $318.81 before making a move.

Steering clear of the first major support level at $304, Binance Coin rallied to a Monday current week high $386.58.

Falling short of the first major resistance level at $396, however, Binance Coin eased back to sub-$370 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 6.69% to $366.84. A 6.45% rally on Sunday and a 1.20% gain from Monday delivered the upside early in the week.

The near-term bullish trend remained intact in spite of the recent return to sub-$300 levels. For the bears, a sustained fall through the 62% FIB of $272 would form a near-term bearish trend.

It has been a bullish first half of the year, however, with Binance Coin up by 879%.

At the time of writing, Binance Coin was down by 0.68% to $364.34. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $367.02 before falling to a low $362.73.

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

BNBUSD 160621 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the pivot at $356 to bring the first major resistance level at $396 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $386.58.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at the 38.2% FIB of $438 and the second major resistance level at $448.

A fall back through the $356 pivot would bring the first major support level at $304 back into play.

Barring an extended sell-off going into the weekend, however, Binance Coin should steer of the 62% FIB of $273. The second major support level sits at $265.

Looking at the Technical Indicators

First Major Support Level: $304

Pivot Level: $356

First Major Resistance Level: $396

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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