Binance Coin Mid-Week Analysis – Resistance Levels in Play – 25/08/21

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.

BNBUSD 250821 Daily Chart

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

 

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