Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 09/08/20

It’s a relatively positive start to the week. Expect the pivot levels to play a role in the week ahead.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 6.06% in the week ending 8th August. Following on from a 9.12% rally from the previous week, Binance Coin ended the week at $22.94.

Another bearish start to the week saw Binance Coin fall to Sunday intraweek low $18.83 before making a move.

Binance Coin fell through the first major support level at $19.18, before rallying to a Wednesday intraweek high $24.51.

Binance Coin broke through the 38.2% FIB of $19.4 and the first major resistance level at $22.97.

Coming up against the second major resistance level at $24.29, Binance Coin saw 2 consecutive days in the red.

Binance Coin slid back to sub-$21.20 levels before finding support on Saturday to end the week at $22 levels.

4 days in the green that included a 5.36% rally on Monday and a 4.52% gain on Wednesday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $22.09 pivot to bring the first major resistance level at $25.36 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $24.51.

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

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $27.77 before any pullback.

Failure to avoid a fall through the $22.09 pivot would bring the first major support level at $19.68 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$18 levels and the second major support level at $16.41.

At the time of writing, Binance Coin was down by 0.59%. A mixed start the day saw Binance Coin rise to an early Sunday morning high $23.00 before falling to a low $22.71

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

Litecoin

Litecoin fell by 5.28% in the week ending 8th August. Partially reversing the previous week’s 25.37% rally, Litecoin ended the week at $58.46.

It was a choppy start to the week. Litecoin rose to a Sunday intraweek high $65.31 before hitting reverse.

Falling short of the first major resistance level at $67.08, Litecoin slid to a Sunday intraweek low $52.70.

While steering clear of the first major support level at $51.65, Litecoin fell through the 23.6% FIB of $54.00.

Finding support in the week, Litecoin moved back through to a Friday high $61.10 before falling back to sub-$60.

While continuing to fall short of the major resistance levels, Litecoin broke back through the 23.6% FIB of $54.00.

3 days in the red that included an 8.02% slide on Sunday delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $58.82 pivot to support a run at the first major resistance level at $64.95.

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

Barring another extended crypto rally, the first major resistance level at $64.95 would likely cap any upside.

Failure to move through the $58.82 pivot would bring the 23.6% FIB and the first major support level at $52.34 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 $46.21.

At the time of writing, Litecoin was up by 0.07% to $58.50. A mixed start to the day saw Litecoin fall to an early Sunday low $58.2 before rising to a high $58.72.

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

Tron’s TRX

Tron’s TRX slipped by 0.20% in the week ending 8th August. Following a 9.00% rally from the previous week, Tron’s TRX ended the week at $0.020496.

It was a choppy start to the week. Tron’s TRX rose to a Sunday intraweek high $0.021237 before hitting reverse.

Falling short of the first major resistance level at $0.2160, Tron’s TRX slid to a Sunday intraweek low $0.017800.

Tron’s TRX fell through the first support level at $0.01850 before finding support to strike a Friday high $0.021073.

Coming up short of the major resistance levels, Tron’s TRX slid back to sub-$19 levels before finding support.

A Saturday move back through to $0.020 levels limited the downside for the week.

4 days in the red that included a 7.08% slide on Sunday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01983 pivot to support a run at the first major resistance level at $0.02186.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.021237.

Barring another broad-based crypto rally the first major resistance level would likely cap any upside.

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.02327 before any pullback.

Failure to avoid a fall through the $0.01983 pivot would bring the first major support level at $0.01842 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.017 levels. The second major support level sits at $0.01639.

At the time of writing, Tron’s TRX was up by 0.41% to $0.020538. A relatively bullish start to the day saw Tron’s TRX rise from an early Sunday low $0.020489 to a high $0.020549.

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

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