Binance Coin Price Resistance
It’s been a mixed 1st half of the week for Binance Coin.
A bearish start to the week saw Binance Coin fall to a Sunday low $435.44 before making a move.
While steering clear of the first major support level at $400, Binance Coin fell through the 38.2% FIB of $438.
A bullish Monday, however, saw Binance Coin rally to a Monday current week high $520.28.
Binance Coin broke back through the 38.2% FIB, the first major resistance level at $484, and the second major resistance level at $518.
A bearish Tuesday, however, saw Binance Coin fall back through the major resistance levels to end the day at $471 levels.
For the current week, Sunday through Tuesday, Binance Coin was up by 5.04% to $471.87. An 11.72% rally on Monday delivered the early gains. A 5.56% slide on Tuesday pared some of the gains, however.
The near-term bullish trend remained intact supported by the return to $500 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 1,160% year-to-date.
At the time of writing, Binance Coin was up by 2.20% to $482.28. A mixed start to the day on Wednesday saw Binance Coin fall to an early low $470.76 before rising to a high $482.94.
Binance Coin left the major support and resistance levels untested early Wednesday.
For the remainder of the week
Binance Coin would need to avoid a fall back through the 38.2% FIB of $438 and the $434 pivot to bring the Binance first major resistance level at $484 back into play.
Support from the broader market would be needed, however, for Binance Coin to break back through to $500 levels.
Barring an extended rally going into the weekend, the second major resistance level at $518 and current week high $520.28 would likely cap any upside.
In the event of an extended breakout, however, Binance Coin could test resistance at the 23.6% FIB of $540 before any pullback. The third major resistance level sits at $602.
A fall back through the 38.2% FIB of $438 and the $434 pivot would bring first major support level at $400 back into play. Barring an extended sell-off, however, Binance Coin should steer clear well clear of the second major support level at $350
Looking at the Technical Indicators
First Major Support Level: $400
Pivot Level: $434
First Major Resistance Level: $484
23.6% FIB Retracement Level: $540
38.2% FIB Retracement Level: $438
62% FIB Retracement Level: $273