Binance Coin Mid-Week Analysis – Support Levels in Play – 08/09/21

Binance Coin Price Support

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

A bullish start to the week saw Binance Coin rally to a Sunday high $543.90 before hitting reverse.

Binance Coin broke through the first major resistance level at $527 and the 23.6% FIB of $540.

The reversal, however, saw Binance Coin slide to a Tuesday current week low $358.50.

Binance Coin fell through the first major support level at $460 and the second major support level at $422.

The extended sell-off also saw Binance Coin fall through the 38.2% FIB of $438 before a partial recovery to $400 levels.

For the current week, Sunday through Tuesday, Binance Coin was down by 15.93% to $418.62. Two days in the red from three that included a 15.66% tumble on Tuesday did the damage.

The near-term bullish trend remained intact in spite of the return to sub-$400 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 1,018% year-to-date.

At the time of writing, Binance Coin was down by 0.43% to $416.84. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $411.70 before rising to a high $421.03.

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

BNBUSD 080921 Daily Chart

For the remainder of the week

Binance Coin would need to move back through the major support levels and the $489 pivot to bring the first major resistance level at $527 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 first major resistance level and 23.6% FIB of $540 would likely cap any upside.

In the event of a broad-based crypto rebound, however, Binance Coin could test resistance at $600 before any pullback. The second major resistance level sits at $556.

Failure to move back through the major support levels and the $489 pivot would bring the third major support level at $355 back into play.

Barring an extended sell-off, however, Binance Coin should steer clear of sub-$300 support levels.

Looking at the Technical Indicators

First Major Support Level: $460

Pivot Level: $489

First Major Resistance Level: $527

23.6% FIB Retracement Level: $540

38.2% FIB Retracement Level: $438

62% FIB Retracement Level: $273

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