Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 01/11/20

It’s a bearish start to the week for the majors. Failure to move through the week’s pivot levels would bring support levels into play…
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Binance Coin

Binance Coin slid by 6.85% in the week ending 31st October. Reversing a 1.42% gain from the week prior, Binance Coin ended the week at $28.55.

It was another choppy start to the week. Recovering from a 1.67% loss on Sunday, Binance Coin rose to a Tuesday intraweek high $33.39.

Binance Coin broke through the first major resistance level at $33.24 before sliding to a Friday intraweek low $27.32.

Falling through the 23.6% FIB of $27.50, Binance Coin found support at the first major support level at $27.29 to wrap up the day at $28.50 levels.

A bearish 2nd half of the week had seen Binance Coin fall for 3 consecutive days before steadying on Saturday.

4 days in the red that included a 3.64% fall on Wednesday and a 4.57% slide on Friday delivered the downside. A 3.03% rally on Monday, however, limited losses from the week.

For the week ahead

Binance Coin would need to move through the $29.75 pivot to bring the first major resistance level at $32.19 into play.

Support from the broader market would be needed for Binance Coin to break back through to $30 levels.

Barring another extended crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of another crypto rally, could visit $35 levels and test the second major resistance level at $35.82.

Failure to move through the $29.75 pivot would bring the 23.6% FIB of $27.50 and the first major support level at $26.12 into play.

Barring another crypto sell-off, Binance Coin should steer well clear of the second major support level at $23.68 and the 38.2% FIB of $23.50.

At the time of writing, Binance Coin was down by 0.67% to $28.36. A mixed start to the week saw Binance Coin rise to an early Sunday high $28.75 before falling to a low $27.92.

Binance Coin left the major support and resistance levels untested at the start of the week.

Litecoin

Litecoin fell by 5.76% in the week ending 31st October. Partially reversing the 26.36% rally from the previous week, Litecoin ended the week at $55.83.

It was also a choppy start to the week. Litecoin fell to a Monday low $55.00 before making a move.

Steering clear of the first major support level at $50.61, Litecoin rallied to a Wednesday intraweek high $60.90 before hitting reverse.

Falling short of the first major resistance level at $63.83, Litecoin slid to a Friday intraweek low $52.27.

While continuing to steer clear of the major support levels, Litecoin fell through the 23.6% FIB of $54.00.

Finding support on Saturday, however, Litecoin broke back through the 23.6% FIB to wrap up the week at $55 levels.

5 days in the red which included a 3.36% slide on Sunday and a 3.96% fall on Wednesday delivered the losses. A 2.20% gain on Tuesday and a 3.18% rally on Saturday limited the downside, however.

For the week ahead

Litecoin would need to move through the $56.33 pivot to support a run at the first major resistance level at $60.40.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $61 would likely limit any upside.

In the event of a breakout, the second major resistance level at $64.96 would likely come into play.

Failure to move through the $56.33 pivot would bring the 23.6% FIB of $54 and the first major support level at $51.77 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$50 levels. The second major support level sits at $47.70.

At the time of writing, Litecoin was down by 0.77% to $55.40. A mixed start to the week saw Litecoin rise to an early Sunday morning high $56.20 before falling to a low $55.13.

Litecoin left the major support and resistance levels untested at the start of the week.

Tron’s TRX

Tron’s TRX fell by 4.37% in the week ending 31st October. Reversing a 5.29% rise from the previous week, Tron’s TRX ended the week at $0.025836.

It was a relatively choppy week for Tron’s TRX. Recovering from a fall to $0.025 levels, Tron’s TRX struck a Wednesday intraweek high $0.02870 before hitting reverse.

Falling short of the first major resistance level at $0.0300, Tron’s TRX fell to a Friday intraweek low $0.024963.

Continuing to steer clear of the first major support level at $0.02424, Tron’s TRX recovered to $0.025 levels to reduce the deficit for the week.

5 days in the red that included a 3.88% slide on Friday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move through the $0.02636 pivot to support a run at the first major resistance level at $0.02817.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.028 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.02870 would likely cap any upside.

In the event of an extended rally, the 23.6% FIB of $0.0291 and the second major resistance level at $0.03051 would likely come into play.

Failure to move through the $0.02636 pivot would bring the first major support level at $0.02402 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02221.

At the time of writing, Tron’s TRX was down by 0.55% to $0.025693. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.026146 before falling to a low $0.025431.

Tron’s TRX left the major support and resistance levels untested at the start of the week.

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