Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 04/10/20

It’s a mixed start to the week. Expect the pivot levels to play a key part as investors look for direction.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin

Binance Coin rose by 7.71% in the week ending 3rd October. Reversing a 3.57% decline from the week prior, Binance Coin ended the week at $28.23.

It was a mixed start to the week. Binance Coin fell to a Sunday intraweek low $25.16 before making a move.

Steering clear of the first major support level at $22.93, Binance Coin rallied to a Wednesday intraweek high $29.83.

Binance Coin broke through the 23.6% FIB of $27.5 and the first major resistance level at $28.52.

2 consecutive days in the red then saw Binance Coin fall back to sub-$26 levels before a Saturday recovery.

The Saturday recovery saw Binance Coin break back through the23.6% FIB to wrap up the week at $28 levels.

Resistance at the first major resistance level at $28.52 pinned Binance Coin back at the end of the week.

5 days in the green that included a 7.07% rally on Tuesday delivered the upside. A 6.15% slide on Wednesday limited the gains for the week, however.

For the week ahead

Binance Coin would need to avoid a fall through the $27.74 pivot to bring the first major resistance level at $30.32 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $29.83.

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, the second major resistance level at $32.41 and $33 levels could come into play.

Failure to avoid a fall through the $27.74 pivot would bring 23.6% FIB of $27.5 and the first major support level at $25.65 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels and the 38.2% FIB of $23.5 in the week.

The second major support level sits at $23.07.

At the time of writing, Binance Coin was up by 0.11% to $28.26. A mixed start to the week saw Binance Coin rise to an early Sunday high $28.58 before falling to a low $27.96.

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

Litecoin

Litecoin fell by 1.14% in the week ending 3rd October. Following on from a 5.01% slide from the previous week, Litecoin ended the week at $45.54.

It was also a mixed start to the week. Recovering from 2 days in the red, Litecoin rallied to a Thursday intraweek high $48.49 before hitting reverse.

Falling short of the first major resistance level at $49.17, Litecoin fell to a Friday intraweek low $43.25.

Steering clear of the first major support level at $42.29, Litecoin recovered to $45 levels to limit the loss for the week.

4 days in the red, which included a 2.64% slide on Thursday, delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $45.76 pivot to support a run at the first major resistance level at $48.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $48 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $50 would likely limit any upside.

In the event of a breakout, the second major resistance level at $51.00 would likely come into play.

Failure to move through the $45.76 pivot would bring the first major support level at $43.03 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 levels. The second major support level at $40.52 should limit any downside.

At the time of writing, Litecoin was down by 0.07% to $45.51. A mixed start to the week saw Litecoin rise to an early Sunday morning high $45.82 before falling to a low $45.31.

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

Tron’s TRX

Tron’s TRX rose by 0.29% in the week ending 3rd October. Following on from a 1.14% decline from the previous week, Tron’s TRX ended the week at $0.02723.

It was bearish through most of the week. Tron’s TRX fell from a Sunday high $0.027666 to a Friday intraweek low $0.023978 before finding support.

The reversal saw Tron’s TRX fall through the first major support level at $0.02440.

A bullish end to the week, however, saw Tron’s TRX rally to a Saturday intraweek high $0.02864 before easing back.

Falling short of the first major resistance level at $0.02972 and the 23.6% FIB of $0.0291, Tron’s TRX wrapped up the week at sub-$0.028 levels.

3 days in the green that included a 5.49% rally on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall back through the $0.02662 pivot to support a run at the 23.6% FIB of $0.0291 and the first major resistance level at $0.02925.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.02864.

Barring a broad-based crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03128 would likely come into play.

Failure to avoid a fall back through the $0.02662 pivot would bring the first major support level at $0.02459 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02196.

At the time of writing, Tron’s TRX was down by 1.58% to $0.026797. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.02747 before falling to a low $0.02652.

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

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