Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 20/12/20

It’s a bearish start to the day for the majors. Failure to test last week’s highs would bring support levels into play.
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Binance Coin

Binance Coin surged by 18.36% in the week ending 19th December. Reversing a 5.28% fall from the previous week, Binance Coin ended the week at $33.33.

It was a mixed start to the week. Binance Coin rose to a Wednesday high $32.78 before hitting reverse.

Binance Coin broke through the first major resistance level at $30.27 and the second major resistance level at $32.38.

More significantly, Binance Coin also broke through the 23.6% FIB at $29.7.

The reversal saw Binance Coin slide back through the resistance levels and 23.6% FIB to a Wednesday intraweek low $27.33.

Steering clear of the first major support level at $26.25, however, Binance Coin rallied to a Saturday intraweek high $35.19.

Binance Coin broke back through the first major resistance level at $30.27 and the second major resistance level at $32.38 and the 23.6% FIB.

A bearish end to the day on Saturday saw Binance Coin ease back to end the week at $33 levels.

5 days in the green that included a 7.44% rally on Saturday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid the $31.95 pivot to bring the first major resistance level at $36.57 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $35.19.

Barring an extended crypto rally, the first major resistance level and resistance at $37 would likely limit any upside in the week.

In the event of another crypto rally, could test resistance at $40 before any pullback. The second major resistance level sits at $39.81.

Failure to avoid a fall through the $31.95 pivot would bring the 23.6% FIB of $29.7 and the first major support level at $28.71 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the 38.2% FIB of $25.2 and sub-$25 levels. The second major support level sits at $24.09.

At the time of writing, Binance Coin was down by 0.27% to $33.24. A mixed start to the week on Sunday saw Binance Coin rise to an early morning high $33.86 before falling to a low $32.42.

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

Litecoin

Litecoin surged by 56.44% in the week ending 19th December. Reversing a 7.86% slide from the previous week, Litecoin ended the week at $120.02.

It was a particularly bullish week. Litecoin rallied from a Sunday intraweek low $75.62 to a Saturday intraweek high $124.40.

The extended rally saw Litecoin break through the week’s major resistance levels and the 62% FIB of $100.

Litecoin also formed a near-term bullish trend in the week, after consolidating its move through the 62% FIB.

6 days in the green that included a 14.28% rally on Wednesday and a 9.66% rally on Saturday delivered the upside.

For the week ahead

Litecoin would need to avoid the $106.68 pivot to support a run at the first major resistance level at $137.74.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $124.40.

Barring an extended crypto rally, the first major resistance level and resistance at $140 would likely limit any upside.

In the event of another breakout, the second major resistance level at $155.46 and resistance at $160 would likely come into play.

Failure to avoid a fall through the $106.68 pivot would bring the 23.6% FIB of $101  into play.

Barring an extended crypto sell-off, however, Litesoin should avoid the first major support level at $88.96 and 38.2% FIB of $86. The second major support level sits at $57.90.

At the time of writing, Litecoin was down by 2.17% to $117.42. A bearish start to the week on Sunday saw Litecoin fall from an early morning high $120.24 to a low $115.16.

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

Tron’s TRX

Tron’s TRX rallied by 9.97% in the week ending 19th December. Reversing a 6.75% fall from the week prior, Tron’s TRX ended the week at $0.03123.

It was a mixed week. Tron’s TRX fell to a Wednesday intraweek low $0.02757 before making a move.

Steering clear of the first major support level at $0.02621, Tron’s TRX rallied to a Thursday intraweek high $0.03567 before easing back

The rally saw Tron’s TRX break through the first major resistance level at $0.03103 and the second major resistance level at $0.03366.

Tron’s TRX also broke through 23.6% FIB of $0.0291 before falling back to sub-$0.030 levels.

Finding support at the 23.6% FIB, Tron’s TRX bounced back to end the week at $0.031 levels. Breaking back through the 23.6% FIB, the first major resistance level at $0.03103 pinned Tron’s TRX back.

6 days in the green that included a 7.02% rally on Wednesday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to move back through the $0.03149 pivot to support a run at the first major resistance level at $0.03541.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.035 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.03567 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03959 and resistance at $0.040 would likely come into play.

Failure to move back through the $0.03149 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02731 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.025 levels. The second major support level sits at $0.02339.

At the time of writing, Tron’s TRX was down by 0.84% to $0.03097. A mixed start to the week on Sunday saw Tron’s TRX rise to an early morning high $0.03173 before falling to a low $0.03049.

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

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