Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 02/02/20

It was a particularly bullish week last week. While it is a bearish start to the week, a move through to key levels early in the week would deliver more upside.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rallied by 7.99% in the week ending 1st February. Reversing a 4.78% fall from the previous week, Binance Coin ended the week at $18.25.

Bullish through the week, Binance Coin saw 4 consecutive days in the green before easing back.

The breakout saw Binance Coin rise from a Sunday intraweek low $16.74 to a Friday intraweek high $19.03.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $18.21 to visit $19 levels for the first time since November.

While falling short of the second major resistance level at $19.51, Binance Coin broke through the 23.6% FIB of $18.80 before easing back.

A 1.64% slide on Friday following by a flat Saturday limited the upside for the week.

For the week ahead

Binance Coin would need to break through to $18.10 levels to support a run at the first major resistance level at $19.27.

Support from the broader market would be needed for Binance Coin to breakout from last week’s high $19.03.

Barring a broad-based crypto rally, the first major resistance level and 23.6% FIB of $18.8 would likely limit any upside in the week.

In the event of a breakout, the second major resistance level at $20.30 would likely come into play.

Failure to move through to $18.10 levels could see Binance Coin hit reverse.

A fall back through to sub-$17.50 levels would bring the first major support level at $16.98 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

At the time of writing, Binance Coin was down by 1.56% to $17.96. A bearish start to the week saw Binance Coin fall from an early morning high $18.28 to a low $17.82.

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

Litecoin

Litecoin rallied by 33% in the week ending 1st February. Reversing a 10.16% slide from the previous week, Litecoin ended the week at $70.69.

Bullish through the week, Litecoin rallied from a Sunday intraweek low $52.75 to a Saturday intraweek high $72.90.

Off the back of 6 days in the green out of 7, Litecoin broke through the first major resistance level at $60.27 and second major resistance level at $67.32.

The breakout also saw Litecoin break through the 23.6% FIB of $62.

For the week ahead

Litecoin would need to move back through to $70 levels to support a run at the first major resistance level at $78.14 and 38.2% FIB of $78.

Support from the broader market would be needed for Litecoin to break back out from last week’s high $72.9.

Barring another broad-based crypto rally, however, Litecoin will likely come up short of the first major resistance level.

In the event of another breakout, Litecoin could visit $80 levels before any pullback. The second major resistance level at $85.60 would likely limit any upside.

Failure to move back through to $70 levels could see Litecoin hit reverse.

A fall back through to sub-$65.50 levels would bring the first major support level at $57.99 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$60 levels in the week.

At the time of writing, Litecoin was down by 2.94% to $68.61. A bearish start to the week saw Litecoin slide from an early morning high $70.72 to a low $67.64.

Litecoin left the major support and resistance levels untested early on Sunday.

Tron’s TRX

Tron’s TRX rallied by 18.62% in the week ending 1st February. Reversing an 8.36% slide from the previous week, Tron’s TRX ended the week at $0.019121.

A bullish first half of the week saw Tron’s TRX rally from a Sunday intraweek low $0.016096 to a Wednesday intraweek high $0.019850.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01760 and the second major resistance level at $0.01900.

Through the 2nd half of the week, a 4.8% gain on Thursday was reversed with a 4.16% slide on Friday to limit the upside in the week.

For the week ahead

Tron’s TRX would need to move back through last week’s high $0.019850 to support a run at the first major resistance level at $0.02060.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0190 levels.

Barring an extended crypto rally, Tron’s TRX would likely fall short of the first major resistance level.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.0221 could come into play.

Failure to move through last week’s high $0.01985 could see Tron’s TRX hit reverse.

A fall back to sub-$0.01840 levels would bring the first major support level at $0.01690 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.016in the week.

At the time of writing, Tron’s TRX was down by 0.95% to $0.018940. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.091087 to a low $0.01860.

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

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