Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 09/02/20

After a particularly bullish week last week, the bulls are out in force at the start of this week. Resistance levels are in play early on…
Binance

Binance Coin

Binance Coin surged by 19.45% in the week ending 8th February. Following on from a 7.99% rally from the previous week, Binance Coin ended the week at $21.80.

Bullish through the week, Binance Coin saw 5 days in the green out of 6 before easing back on Saturday.

The breakout saw Binance Coin rise from a Sunday intraweek low $17.67 to a Friday intraweek high $22.65.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $19.27 and second major resistance level at $20.30.

Of greater significance was a breakthrough the 23.6% FIB of $18.8 to hit $20 levels for the first time since 18th November.

A 1.05% pullback on Saturday left the 38.2% FIB of $22.90 out of reach on the day.

For the week ahead

Binance Coin would need to break through the first major resistance level at $23.74 to bring the second major resistance level at $25.69 into play.

Support from the broader market would be needed for Binance Coin to break through to $24 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of a breakout, the second major resistance level at $25.69 would likely come into play.

Failure to move through the first major resistance level at $23.74 could see Binance Coin hit reverse.

A fall back through the 38.2% FIB of $22.9 to sub-$20.70 levels would bring the first major support level at $18.76 and 23.6% FIB of $18.80 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$18 levels.

At the time of writing, Binance Coin was up by 7.14% to $23.36. A bullish start to the week saw Binance Coin jump from an early morning low $21.74 to a high $23.78.

Binance Coin broke through the 38.2% FIB of $22.90 to come up against the first major resistance level at $23.74.

Litecoin

Litecoin rallied by 8.46% in the week ending 8th February. Following on from a 33% surge from the previous week, Litecoin ended the week at $76.67.

A bearish start to the week saw Litecoin fall to a Tuesday intraweek low $66.51 before making a move.

In spite of 3 consecutive days in the red, Litecoin steered clear of the first major support level at $57.99.

Through the rest of the week, 4 consecutive days in the green saw Litecoin rally to a Saturday intraweek high $77.92.

While Litecoin fell short of the first major resistance level at $78.14, Litecoin came up against the 38.2% FIB of $78 before easing back.

For the week ahead

Litecoin would need to move through to $79 levels to support a run at the first major resistance level at $80.89.

Support from the broader market would be needed for Litecoin to break back through to the current week’s high $78.45.

In the event of another breakout, Litecoin could visit $85 levels before any pullback. The second major resistance level at $85.11 would likely limit any upside.

Failure to move back through to $79 levels could see Litecoin hit reverse.

A fall back through the 38.2% FIB of $78.00 to sub-$73.70 levels would bring the first major support level at $69.48 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$70 levels in the week.

At the time of writing, Litecoin was up by 2.31% to $78.44. A bullish start to the week saw Litecoin rise from an early morning low $76.65 to a high $78.45.

Steering clear of the major support and resistance levels, Litecoin broke through the 38.2% FIB of $78 early on.

Tron’s TRX

Tron’s TRX rallied by 14.25% in the week ending 8th February. Following on from an 18.62 breakout from the previous week, Tron’s TRX ended the week at $0.021807.

A relatively range-bound start to the week saw Tron’s TRX fall to a Tuesday intraweek low $0.019462 before making a move.

Steering clear of the first major support level at $0.01690, Tron’s TRX rallied to a Friday intraweek high $0.023771.

The rally saw Tron’s TRX break through the first major resistance level at $0.0206 and second major resistance level at $0.0221.

A bearish end to the week, however, led to a pullback through the second major resistance level to close out the day at $0.021 levels

For the week ahead

Tron’s TRX would need to move back through last week’s high $0.023771 to support a run at the first major resistance level at $0.02420.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0230 levels.

In the event of a broad-based crypto rally, the second major resistance level at $0.02670 could come into play.

Failure to move through last week’s high $0.023771 could see Tron’s TRX hit reverse.

A fall back to sub-$0.0213 levels would bring the first major support level at $0.01890 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.020 levels in the week.

At the time of writing, Tron’s TRX was up by 3.16% to $0.022496. A bullish start to the week saw Tron’s TRX rally from an early morning low $0.021805 to a high $0.22640.

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

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