Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/07/20

It’s a positive start to the week. A move through the pivot levels would bring resistance levels into play later in the week.
Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin

Binance Coin fell by 2.61% in the week ending 18th July. Partially reversing a 13.23% rally from the previous week, Binance Coin ended the week at $17.16.

It was a bullish start to the week. Binance Coin rallied to a Monday intraweek high $19.06 before hitting reverse.

Binance Coin broke through the first major resistance level at $18.62 to visit $19 levels before hitting reverse.

Falling short of the second major resistance level at $19.62, Binance Coin slid to a Thursday intraweek low $16.46.

Steering clear of the first major support level at $15.85, Binance Coin recovered to $17 levels to limit the weekly loss.

4 consecutive days in the red that included a 2.50% loss on Wednesday and a 2.60% loss on Thursday delivered the downside.

For the week ahead

Binance Coin would need to move through the $17.56 pivot to bring the first major resistance level at $18.66 into play.

Support from the broader market would be needed for Binance Coin to break back through to $18.00 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $19.06 would likely limit any upside.

In the event of a breakout, Binance Coin could break out from the 38.2% FIB of $19.4 to take a run at $20 levels. The second major resistance level at $20.16 would limit any upside.

Failure to move through the $17.56 pivot would bring the first major support level at $16.06 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$15 levels and the second major support level at $14.96.

At the time of writing, Binance Coin was down by 0.29% to $17.11. A bearish start to the week saw Binance Coin fall from an early Sunday high $17.20 to a low $17.09.

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

Litecoin

Litecoin slid by 5.10% in the week ending 18th July. Reversing a 6.17% gain from the previous week, Litecoin ended the week at $42.46.

It was a bearish week for Litecoin. 6 consecutive days saw Litecoin fall to a Thursday intraweek low $40.86.

Steering clear of the first major support level at $40.32, Litecoin found support on Saturday. Litecoin moved back through to $42 levels, with a 1.38% gain on the day cutting the deficit for the week.

From the 6-days in the red, a 2.82% slide on Thursday and a 1.81% loss on Monday delivered the weekly loss.

For the week ahead

Litecoin would need to move through the $42.96 pivot to support a run at the first major resistance level at $45.05.

Support from the broader market would be needed, however, for Litecoin to break out from $44 levels.

Barring another extended crypto rally, the first major resistance level at $45.05 would likely cap any upside.

Failure to move through the $42.96 pivot could see Litecoin come under further pressure.

A fall through to sub-$41 levels would bring the first major support level at $40.36 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $38.27.

At the time of writing, Litecoin was up by 0.21% to $42.55. A bullish start to the week saw Litecoin rise from an early Sunday morning low $42.43 to a high $42.62.

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

Tron’s TRX

Tron’s TRX slid by 5.05% in the week ending 18th July. Partially reversing a 9.24% rally from the previous week, Tron’s TRX ended the week at $0.017439.

It was a bearish start to the week. Tron’s TRX slid from a Sunday intraweek high $0.018526 to a Thursday intraweek low $0.016718.

Falling short of the major resistance levels, Tron’s TRX fell through the first support level at $0.01679 before finding support.

A relatively bullish end to the week saw Tron’s TRX move back through to $0.017 levels to limit the weekly loss.

4 days in the red that included a 3.46% slide on Monday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move back through the $0.01756 pivot to support a run at the first major resistance level at $0.01840.

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

Barring a broad-based crypto rally the first major resistance level and last week’s high $0.018526 would likely cap any upside.

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.01937 before any pullback.

Failure to move back through the $0.01756 pivot would bring the first major support level at $.01660 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.015 levels. The second major support level at $0.01575 should limit any downside.

At the time of writing, Tron’s TRX was up by 0.36% to $0.017502. A bullish start to the week saw Tron’s TRX rise from an early Sunday morning low $0.017443 to a high $0.017601.

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

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