Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 08/11/20

It’s a bullish start to the week. Steering clear of the week’s pivot levels would support a run at the major resistance levels of the week.
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Binance Coin

Binance Coin fell by 2.59% in the week ending 7th November. Following a 6.85% slide from the week prior, Binance Coin ended the week at $27.79.

It was a bearish start to the week. Binance Coin fell to a Wednesday low $25.21 before finding support.

The reversal saw Binance Coin fall through the 23.6% FIB of $27.5 and the first major support level at $26.12.

Finding support going at $25, Binance Coin struck a Thursday intraweek high $31.62 before hitting reverse again.

While falling short of the first major resistance level at $32.19, Binance Coin broke back through the 23.6% FIB.

A 2nd sell-off on Thursday, however, saw Binance Coin slide to a Thursday intraweek low $24.85 before finding support.

Binance Coin fell back through the 23.6% FIB and the first major support level before briefly revisiting $30 levels.

A bearish end to the week, however, left Binance Coin at sub-$28 at the end of the week.

4 days in the red that included a 3.32% fall on Tuesday and a 4.51% slide on Saturday left Binance Coin in the red. A 4.97% rally on Friday limited the downside, however.

For the week ahead

Binance Coin would need to avoid a fall through the $28.09 pivot to bring the first major resistance level at $31.32 into play.

Support from the broader market would be needed for Binance Coin to break out from $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 test the second major resistance level at $34.85.

Failure to avoid a fall through the $28.09 pivot would bring the 23.6% FIB of $27.50 and the first major support level at $24.56 into play.

Barring another crypto sell-off, Binance Coin should steer well clear of the 38.2% FIB of $23.50. The second major support level sits at $21.33.

At the time of writing, Binance Coin was up by 0.39% to $27.89. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $27.39 before rising to a high $28.05.

Binance Coin left the major support and resistance levels untested at the start of the week. The 23.6% FIB of $27.5 did limit the downside early on, however.

Litecoin

Litecoin rallied by 5.67% in the week ending 7th November. Reversing a 5.76% slide from the previous week, Litecoin ended the week at $58.94.

It was a bearish start to the week. Litecoin fell to a Tuesday intraweek low $51.25 before making a move.

The reversal saw Litecoin fall through the first major support level at $51.77 before striking a Saturday intraweek high $64.87.

Litecoin broke through the 23.6% FIB of $54 and the first major resistance level at $60.40. Coming within range of the second major resistance level at $64.96, Litecoin fell back to end the week at sub-$59.

4 days in the green which included a 7.84% surge on Thursday and a 7.20% jump on Friday delivered the upside. A 6.87% tumble on Saturday pared some of the gains, however.

For the week ahead

Litecoin would need to avoid a fall through the $58.35 pivot to support a run at the first major resistance level at $65.46.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $64.87.

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

In the event of a breakout, the 38.2% FIB of $71 and the second major resistance level at $71.97 would likely come into play.

Failure to avoid a fall through the $58.35 pivot would bring the 23.6% FIB of $54 and the first major support level at $51.84 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$50 levels. The second major support level sits at $44.73.

At the time of writing, Litecoin was up by 1.10% to $59.59. A mixed start to the week saw Litecoin fall to an early Sunday morning low $58.68 before striking a high $59.85.

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

Tron’s TRX

Tron’s TRX fell by 3.39% in the week ending 7th November. Following a 4.37% loss from the previous week, Tron’s TRX ended the week at $0.02493.

It was a bearish start to the week. Tron’s TRX fell to a Thursday intraweek low $0.02244.

Falling through the first major support level at $0.02402, Tron’s TRX found support at the second major support level at $0.02221.

Tron’s TRX bounced back to a Saturday intraweek high $0.027297 before sliding back into the red for the week

In spite of the early Saturday breakout, Tron’s TRX fell well short of the first major resistance level at $0.02817.

3 days in the red that included a 5.63% slide on Monday and a 4.87% fall on Saturday delivered the downside. A 3.11% gain on Thursday and a 4.95% rally on Friday limited the downside, however.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.02489 pivot to support a run at the first major resistance level at $0.02734.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from last week’s high $0.027297.

Barring a broad-based crypto rally, the first major resistance level 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 $0.02975 would likely come into play.

Failure to avoid a fall through the $0.02489 pivot would bring the first major support level at $0.02248 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02003.

At the time of writing, Tron’s TRX was up by 0.19% to $0.024977. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.024594 before rising to a high $0.025056.

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

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