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

It’s a bearish start to the week for the majors. Failure to move through the weekly pivot levels would deliver another week in the red.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.70% in the week ending 19th September. Partially reversing a 46.36% surge from the week prior, Binance Coin ended the week at $27.18.

It was a bullish start to the week. Binance Coin rallied to a Monday intraweek high and new swing hi $32.5 before hitting reverse.

Off the back of 2 consecutive days in the green, Binance Coin broke through the first major resistance level at $31.91.

The reversal saw, however, saw Binance Coin slide to a Thursday intraweek low $25.77.

While steering well clear of the first major support level at $21.78, Binance Coin fell through the 23.6% FIB of $27.5.

Range-bound through the latter part of the week, Binance Coin saw resistance at $29 limit any upside. Steering clear of the 38.2% FIB of $23.5 and the first major support level at $21.78 was key in the week, however.

4 days in the green that included a 9.30% jump last Sunday failed to prevent a weekly loss. A 13.36% slide on Tuesday did the damage.

For the week ahead

Binance Coin would need to move through 23.6% FIB of $27.5 and the $28.48 pivot to bring the first major resistance level at $31.20 into play.

Support from the broader market would be needed for Binance Coin to break back through to $30 levels.

Barring another extended crypto rally, the first major resistance level should leave Binance Coin short of $32 levels.

In the event of another crypto rally, the second major resistance level at $35.21 could come into play.

Failure to move through the 23.6% of $27.5 and the $28.48 pivot would bring the first major support level at $24.47 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$20 levels in the week.

The 38.2% FIB of $23.5 and the second major support level at $21.75 should limit any downside.

At the time of writing, Binance Coin was down by 0.11% to $27.15. A bearish start to the week saw Binance Coin fall from an early morning high $27.24 to a low $26.93 on Sunday morning.

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

Litecoin

Litecoin slid by 4.66% in the week ending 19th September. Partially reversing a 6.31% gain from the previous week, Litecoin ended the week at $48.48.

It was a choppy start to the week. A 5.25% slide on Sunday saw a Litecoin fall from an intraweek high $51.05 to a Monday low $47.15 before finding support.

Steering clear of the first major support level at $47.00, Litecoin briefly recovered to $50 levels before sliding back into the deep red.

Litecoin fell to a Wednesday intraweek low $47.00 before wrapping up the week at $48 levels.

The first major support level at $47.00 limited the downside in the week.

5 days in the red, which included the 5.25% slide last Sunday, delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $48.84 pivot to support a run at the first major resistance level at $50.69.

Support from the broader market would be needed, however, for Litecoin to break back through to $50 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $51.05 would likely limit any upside.

In the event of a breakout, the second major resistance level at $52.89 should leave Litecoin short of the 23.6% FIB of $54.

Failure to move through the $48.84 pivot would bring the first major support level at $46.64 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $44.79.

At the time of writing, Litecoin was down by 0.04% to $48.46. A bearish start to the week saw Litecoin fall from an early morning high $48.49 to a low $48.32.

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

Tron’s TRX

Tron’s TRX slid by 15.30% in the week ending 19th September. Reversing a 9.72% rally from the previous week, Tron’s TRX ended the week at $0.027693.

It was a bearish start to the week. Tron’s TRX fell from a Sunday intraweek high $0.003321 to a Wednesday intraweek low $0.025271 before finding support.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.0291 and the first major support level at $0.02807.

Steering clear of sub-$0.025 levels, Tron’s TRX revisited $0.0299 levels before easing back. The 23.6% FIB of $0.0291 pinned Tron’s TRX back late in the week.

5 days in the red that included a 6.4% slide on Sunday and an 8.2% tumble on Tuesday delivered the downside. A 6.95% rally on Thursday limited the downside for the week, however.

For the week ahead

Tron’s TRX would need to move through the $0.02872 pivot and the 23.6% FIB $0.0291 to support a run at the first major resistance level at $0.03218.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.030 levels.

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

In the event of an extended rally, the second major resistance level at $0.03666 would likely leave Tron’s TRX short of $0.04 levels in the week.

Failure to move through the $0.02872 pivot would bring the first major support level at $0.02424 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02078.

At the time of writing, Tron’s TRX was down by 0.95% to $0.02743. A bearish start to the week saw Tron’s TRX fall from an early Sunday morning high $0.027698 to a low $0.027167.

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

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