Binance Coin Mid-Week Analysis – Resistance Levels in Play – 11/08/21

Binance Coin Price Resistance

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

Early in the week, Binance Coin slid to a Monday current week low $327.22 before making a move.

Steering clear of the first major support level at $321, Binance Coin rallied to a Tuesday current week high $384.58.

Binance Coin broke through the first major resistance level at $379 before falling back to $372 levels.

For the current week, Sunday through Tuesday, Binance Coin was up by 4.34% to $372.14. A 3.61% rise on Monday and a 4.96% rally on Tuesday delivered the upside for the current 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 year-to-date, however, with Binance Coin up by 893% year-to-date.

At the time of writing, Binance Coin was up by 1.45% to $377.55. A mixed start to the day on Wednesday saw Binance Coin fall to an early low $370.47 before rising to a high $380.90.

Binance Coin retested the first major resistance level at $379 once more before easing back.

BNBUSD 110821 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $343 pivot to bring the second major resistance level at $401 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the first major resistance level at $379.

Barring an extended rally going into the weekend, the second major resistance level at $401 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 before any pullback. The third major resistance level sits at $459.

A fall back through the $343 pivot would bring first major support level at $321 back into play. Barring an extended sell-off, however, Binance Coin should steer clear of sub-$300 levels.

The second major support level sits at $285

Looking at the Technical Indicators

First Major Support Level: $321

Pivot Level: $343

First Major Resistance Level: $379

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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