Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/01/20

It’s another bullish start to the week, with resistance levels in play…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin surged by 19.4% in the week ending 18th January. Following on from an 8.04% rally from the previous week, Binance Coin ended the week at $17.79.

A mixed start to the week saw Binance Coin breakthrough to a Sunday high $15.55 before hitting reverse.

Falling short of the major resistance levels, Binance Coin fell to a Tuesday intraweek low $14.70 before making a move.

Steering clear of the first major support level at $13.97, Binance Coin rallied to a Friday intraweek high $18.72.

Binance Coin broke through the major resistance levels to come up against the 23.6% FIB of $18.80 before easing back.

A 3rd day in the red for the week saw Binance Coin fall back through the third major resistance level at $18.04 on Saturday to close out the week at $17 levels.

For the week ahead

Binance Coin would need to break through last week’s high $18.72 to support a run at the first major resistance level at $19.44.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $18.80.

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 $21.09 would likely come into play.

Failure to move through to last week’s high $18.72 could see Binance Coin hit reverse.

A fall back through to sub-$17 levels would bring the first major support level at $15.42 into play.

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

At the time of writing, Binance Coin was up by 2.37% to $18.21. A bullish start to the week saw Binance Coin rise from an early Sunday low $17.59 to a high $18.42.

Binance Coin left the major support and resistance levels untested early on.

Litecoin

Litecoin jumped by 20.07% in the week ending 18th January. Following on from a 15.6% rally from the previous week, Litecoin ended the week at $59.28.

Tracking the broader market, Litecoin fell to a Monday intraweek low $48.82 before making a move.

Steering clear of the first major support level at $43.95, Litecoin rallied to a Friday intraweek high $63.17.

Litecoin broke through the first major resistance level at $53.4 and the second major resistance level at $57.44. Of greater significance, however, was a breakthrough the 23.6% FIB of $62.

A 4th day in the red for the week saw Litecoin fall back to sub-$60 levels on Saturday to limit the upside for the week.

For the week ahead

Litecoin would need to move through last week’s high $63.17 to support a run at the first major resistance level at $65.36.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB of $62.

Barring another broad-based crypto rally in the week, last week’s high $63.17 and first major resistance level would likely cap any upside on the week.

Failure to move through to $63 levels could see Litecoin hit reverse.

A fall back through to sub-$57 levels would bring the first major support level at $51.01 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of last week’s low $48.82.

At the time of writing, Litecoin was up by 3.12% to $61.13. A bullish start to the week saw Litecoin rise from an early morning low $58.90 to a high $62.50.

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

Tron’s TRX

Tron’s TRX surged by 21.82% in the week ending 18th January. Following on from a 7.6% rally from the previous week, Tron’s TRX ended the week at $0.017711.

A particularly bullish week saw Tron’s TRX rally from a Sunday intraweek low $0.014455 to a Friday intraweek high $0.018249.

Steering clear of the major support levels, Tron’s TRX broke through the week’s major resistance levels before easing back to $0.017 levels.

The pullback saw Tron’s TRX briefly fall back through the third major resistance level at $0.01740.

A 1.2% fall on Monday was the only blemish in the week.

For the week ahead

Tron’s TRX would need to move back through to last week’s high $0.018249 to support a run at the first major resistance level at $0.01920.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.018 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high 0.018249 would likely cap any gains.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.02060 levels would likely come into play.

Failure to move through to $0.01825 levels could see Tron’s TRX spend the week in the red.

A pullback to sub-$0.01680 levels would bring the first major support level at $0.01540 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.015 and the second major support level at $0.01300.

At the time of writing, Tron’s TRX was up by 1.15% to $0.017914. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.017637 to a high $0.018081.

Tron’s TRX left the major support and resistance levels untested early on.

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