Binance Coin Mid-Week Analysis – Support Levels in Play – 18/08/21

Binance Coin Price Support

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

A bearish start to the week saw Binance Coin fall to a Sunday low $391.82 before finding support.

Steering clear of the first major support level at $349, Binance Coin rose to a Monday current week high $444.33 before hitting reverse.

While falling short of the first major support level at $447, Binance Coin broke through the 38.2% FIB of $438.

The reversal, however, saw Binance Coin slide back to sub-$400 levels before steadying.

For the current week, Sunday through Tuesday, Binance Coin was down by 1.81% to $401.82. A 3.40% slide on Tuesday left Binance Coin in the red 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 973% year-to-date.

At the time of writing, Binance Coin was down by 1.73% to $394.85. A mixed start to the day on Wednesday saw Binance Coin rise to an early high $408.96 before falling to a current week low $385.99.

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

BNBUSD 180821 Daily Chart

For the remainder of the week

Binance Coin would need to avoid a fall back through the $387 pivot to bring the 38.2% FIB and the first major resistance level at $447 back into play.

Support from the broader market would be needed, however, for Binance Coin to break back through the 23.6% FIB of $438.

Barring an extended rally going into the weekend, the first major resistance level and resistance at $450 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test the second major resistance level at $485 before any pullback.

A fall back through the $387 pivot would bring first major support level at $349 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 $289

Looking at the Technical Indicators

First Major Support Level: $349

Pivot Level: $387

First Major Resistance Level: $447

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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