Binance Coin Mid-Week Analysis – Support Levels in Play – 01/09/21

Binance Coin Price Support

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

A bullish start to the week saw Binance Coin rise to a Sunday high $500.57 before hitting reverse.

Falling short of the first major resistance level at $526, Binance Coin slid to a Tuesday current week low $451.55.

Steering clear of the first major support level at $441 and the 38.2% FIB of $438, Binance Coin briefly revisited $480 levels before easing back.

For the current week, Sunday through Tuesday, Binance Coin was down by 4.58% to $464.24. Two days in the red from three that included a 4.18% slide on Monday did the damage.

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 1,139% year-to-date.

At the time of writing, Binance Coin was down by 1.50% to $457.28. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $466.69 before falling to a low $455.06.

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

BNBUSD 010921 Daily Chart

For the remainder of the week

Binance Coin would need to move back through the $481 pivot to bring the first major resistance level at $526 back into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $500.57.

Barring an extended rally going into the weekend, the first major resistance level and 23.6% FIB of $540 would likely cap any upside.

In the event of an extended breakout, however, Binance Coin could test resistance at $600 before any pullback. The second major resistance level sits at $566.

Failure to move back through the $481 pivot would bring the first major support level at $441 and the 38.2% FIB of $438 back into play.

Barring an extended sell-off, however, Binance Coin should steer clear of sub-$400 support levels. The second major support level sits at $396.

Looking at the Technical Indicators

First Major Support Level: $441

Pivot Level: $481

First Major Resistance Level: $526

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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