Binance Coin Mid-Week Analysis – Resistance Levels in Play – 28/07/21

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 fall to a Monday current week low $278.58 before making a move.

Steering clear of the 62% FIB of $273 and the first major support level at $266, Binance Coin rallied to a Monday current week high $348.21.

Binance Coin broke through the first major resistance level at $326 before a pullback to sub-$300 levels.

Finding support on Tuesday, however, Binance Coin moved back through to $310 levels to deliver the early gains in the week.

For the current week, Sunday through Tuesday, Binance Coin was up by 3.97% to $313.79. A 3.21% gain on Tuesday delivered the upside for the current week.

The near-term bullish trend remained intact in spite of the 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 year-to-date, however, with Binance Coin up by 738% year-to-date.

At the time of writing, Binance Coin was down by 1.05% to $310.50. A mixed start to the day on Wednesday saw Binance Coin rise to an early high $316.32 before falling to a low $308.13.

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

BNBUSD 280721 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $290 pivot to bring the first major resistance level at $326 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $320 levels.

Barring an extended rally going into the weekend, resistance at the current week high $348.21 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $400 before any pullback. The second major resistance level sits at $350.

A fall back through the $290 pivot would bring the 62% FIB of $273 back into play. Barring an extended sell-off, however, Binance Coin should steer clear of the first major support level $266.

The second major support level sits at $231.

Looking at the Technical Indicators

First Major Support Level: $266

Pivot Level: $290

First Major Resistance Level: $326

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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