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May 31, 2020

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 31/05/20

Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rose by 7.65% in the week ending 30^th May. Following on from a 2.62% gain from the previous week, Binance Coin ended the week at $17.74.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $15.54 before finding support.

Steering clear of the first major support level at $15.43, Binance Coin rallied to a late Saturday intraweek high $18.05.

Binance Coin broke through the first major resistance level at $17.54 to visit $18 levels for the first time 3-weeks.

Falling short of the second major resistance level at $18.60, Binance Coin eased back to end the week at $17 levels.

4 days in the green, which included a 3.6% rally on Thursday and 4.35% rally on Saturday delivered the upside.

For the week ahead

Binance Coin would need to avoid sub-$17.10 levels to bring the first major resistance level at $18.68 into play.

Support from the broader market would be needed for Binance Coin to break back through to $18 levels.

Barring a broad-based crypto rally, the first major resistance level and early Sunday’s high $18.26 would likely cap any upside.

In the event of a breakout, Binance Coin could test the 38.2% FIB of $19.4 and the second major resistance level at $19.62 before any pullback.

Failure to avoid sub-$17.10 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-16.50 levels would bring the first major support level at $16.17 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 and last week’s low $15.54.

At the time of writing, Binance Coin was up by 1.00% to $17.92. A bullish start to the week saw Binance Coin rise from an early morning low $17.59 to a high $18.26.

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

Litecoin

Litecoin rallied by 8.89% in the week ending 30^th May. Following on from a 1.57% gain from the previous week, Litecoin ended the week at $47.75.

A relatively bearish start to the week saw Litecoin fall to a Monday intraweek low $41.76 before finding support.

Steering clear of the first major support level at $41.11, Litecoin struck a Saturday intraweek high $48.07.

Litecoin broke through the first major resistance level at $47.08 to hit $48 for the first time since 9^th May.

While easing back to sub-$48 levels, Litecoin held above the first major resistance level.

4 days in the green, including a 7.30% rally on Saturday, delivered the upside for the week.

For the week ahead

Litecoin would need to avoid sub-$46 levels to support a run at the first major resistance level at $49.96.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $48.07.

Barring another extended crypto rally, the first major resistance level at $49.96 would likely cap any upside.

Failure to avoid sub-$46 levels could see Litecoin come under further pressure.

A fall back through to sub-$46 levels would bring the first major support level at $43.65 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.55.

At the time of writing, Litecoin was down by 0.63% to $47.45. A bearish start to the week saw Litecoin fall from an early morning high $47.81 to a low $47.38 on Sunday.

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

Tron’s TRX

Tron’s TRX rallied by 9.13% in the week ending 30^th May. Following on from a 0.27% gain from the previous week, Tron’s TRX ended the week at $0.016338.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $0.014117 before finding support.

Steering clear of the first major support level at $0.01404, Tron’s TRX rallied to Saturday intraweek high $0.016411.

Tron’s TRX broke through the first major resistance level at $0.01579 to wrap up the week at $0.016 levels.

4 days in the green that included a 9.26% rally on Saturday reversed a 5.29% slide from the previous Sunday.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01560 levels to support a run at the first major resistance level at $0.01713.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016411.

Barring another broad-based crypto rally, the first major resistance level at $0.01713 will likely cap any upside.

Failure to avoid sub-$0.01560 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.01560 levels would bring the first major support level at $0.01483 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.015 levels in the week.

At the time of writing, Tron’s TRX was down by 0.33% to $0.016284. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.016379 to a low $0.016249 on Sunday.

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

May 28, 2020

The Crypto Daily – Movers and Shakers -28/05/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 4.12% on Wednesday. Reversing a 0.62% fall from Tuesday, Bitcoin ended the day at $9,210.3.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,822.2 before making a move.

Steering clear of the first major support level at $8,695.83, Bitcoin rallied to a mid-afternoon intraday high $9,225.0.

Bitcoin broke through the first major resistance level at $9,004.23 and second major resistance level at $9,162.97 before pulling back.

A late pullback saw Bitcoin fall through the second major resistance level to sub-$9,100 levels before finding support. The late support led to a move back through the second major resistance level to wrap up the day at $9,200 levels.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day for the majors on Wednesday.

Bitcoin Cash SV rallied by 4.50% to lead the way.

Ethereum (+3.75%), Litecoin (+3.79%), Monero’s XMR (+3.79%) were close behind.

Cardano’s ADA (+2.86%), EOS (+2.49%), and Ripple’s XRP (2.19%) and also found strong support.

Binance Coin (+1.73%), Bitcoin Cash ABC (+1.53%), Stellar’s Lumen (+1.59%), Tezos (+0.55%), and Tron’s TRX (+0.58%) saw modest gains.

In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Wednesday high $252.95bn. At the time of writing, the total market cap stood at $251.86bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Wednesday high 67.09%. At the time of writing, Bitcoin’s dominance stood at 67.04%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $9,183.7. A bearish start to the day saw Bitcoin fall from an early morning high $9,219.7 to a low $9,169.9.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Monero’s XMR avoided the red, with a gain of 0.12%.

It was red the rest of the majors, however, with Ethereum down by 0.38%, at the time of writing, to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,090 levels to bring the first major resistance level at $9,349.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the Wednesday’s high $9,225.0.

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

In the event of another extended crypto rally, the second major resistance level at $9,488.43 and $9,500 levels would likely come into play.

Failure to avoid sub-$9,090 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$9,090 levels would bring the first major support level at $8,946.67 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $8,683.03.

May 27, 2020

Binance Coin Mid-Week Analysis – Support Levels in Play – 27/05/20

Binance Coin Price Support

It’s been a relatively bearish but also relatively choppy 1^st half of the week.

A mixed start to the week saw Binance Coin rise to a Sunday current week high $16.81 before hitting reverse.

Falling well short of the first major resistance level at $17.73, Binance Coin slid to an early Monday current week low $15.73.

Steering clear of the first major support level at $14.02, Binance Coin recovered to $16.50 levels before easing back.

For the current week, Binance Coin was down by 1.64% to $16.21, Sunday through Tuesday.

Two days in the red out of 3 that included a 3.09% slide on Sunday delivered the downside in the 1^st half of the week.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by 18.75% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.21% to $16.18. it was a mixed start to the day on Wednesday. Binance Coin rose to an early morning high $16.41 before falling to a low $16.12.

Binance Coin continued to leave the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to move back through to $16.50 levels to support a run at the first major resistance level at $17.54.

Support from the broader market would be needed, however, for Binance Coin to breakout from Sunday’s current week high $16.81.

Barring an extended crypto rally ahead of the weekend, resistance at $17 would likely leave Binance Coin short of the first major resistance level.

In the event of a breakout, a visit to $18 levels could be on the cards before any pullback.

Failure to move back through to $16.50 levels could see Binance Coin slide deeper into the red.

A pullback through to sub-$16 and the current week low $15.73 would bring the first major support level at $15.43 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back to sub-$15 levels.

Looking at the Technical Indicators

Major Support Level: $15.43

Major Resistance Level: $17.54

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

May 26, 2020

The Crypto Daily – Movers and Shakers -26/05/20

Bitcoin rose by 2.20% on Monday. Partially reversing a 5.08% slide from Sunday, Bitcoin ended the day at $8,902.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,620.0 before making a move.

Steering clear of the first major support level at $8,498.73, Bitcoin rose to an early evening intraday high $8,963.7.

Falling short of the first major resistance level at $9,110.73, Bitcoin briefly eased back to test support at $8,900 late in the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a mixed start to the week on Monday.

Cardan’s ADA and Bitcoin Cash ABC rallied by 5.19% and by 4.05% respectively to lead the way.

Binance Coin (+2.63%), Ethereum (+2.22%), Litecoin (+2.09%), Stellar’s Lumen (+3.26%), Tezos (+3.54%), and Tron’s TRX (+3.83%) also found strong support.

While EOS (+1.50%), Monero’s XMR (+1.65%), and Ripple’s XRP (+1.90%) saw more modest gains, Bitcoin Cash SV fell by 0.47% to buck the trend.

At the start of the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a high $247.57bn. At the time of writing, the total market cap stood at $245.04bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a high 66.72%. At the time of writing, Bitcoin’s dominance stood at 66.54%.

This Morning

At the time of writing, Bitcoin was down by 0.28 to $8,877.1. A mixed start to the day saw Bitcoin rise to an early morning high $8,925.2 before falling to a low $8,830.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

EOS (+0.02%), Ethereum (+0.01%), Monero’s XMR (+0.15%), and Tezos (+0.74%) avoided the red early on.

It was a bearish start for the rest of the majors, however, with Tron’s TRX falling by 1.01% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,037.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $8,963.7.

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

In the event of an extended crypto rally, the second major resistance level at $9,172.27 would likely come into play.

Failure to move back through to $8,900 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,830 would bring the first major support level at $8,693.43 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,484.87.

May 24, 2020

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 24/05/20

Binance Coin

Binance Coin rose by 2.62% in the week ending 23^rd May. Partially reversing an 8.38% fall from the previous week, Binance Coin ended the week at $16.48.

A particularly bullish start to the week saw Binance Coin rally to a Wednesday intraweek high $17.55 before hitting reverse.

Falling short of the first major resistance level at $17.73, Binance Coin slid to a Thursday intraweek low $15.44.

In spite of a 4.87% slide on Thursday, Binance Coin steered clear of the first major support level at $14.02.

Finding support at the end of the week, a 3.18% rally on Friday reversed the mid-week losses to deliver the upside for the week.

Thursday’s slide had all but reversed 3 consecutive days in the green at the start of the week.

In spite of the late in the week recovery, however, Binance Coin failed to move back through to $17 levels. A pullback on Saturday pinned Binance Coin back.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.54 into play.

Support from the broader market would be needed for Binance Coin to break back through to $17 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.55 would likely cap any upside.

In the event of a breakout, Binance Coin could test the second major resistance level at $18.60 before any pullback.

Failure to move back through to $17 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-$16.50 levels would bring the first major support level at $15.43 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 and the second major support level at $14.38.

At the time of writing, Binance Coin was up by 0.78% to $16.61. A bullish start to the week saw Binance Coin rise from an early morning low $16.36 to a high $16.67.

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

Litecoin

Litecoin rose by 1.57% in the week ending 23^rd May. Partially reversing a 7.84% slide from the previous week, Litecoin ended the week at $43.89.

A bullish start to the week saw Litecoin rise to a Monday intraweek high $47.50 before easing back.

Litecoin broke through the first major resistance level at $47.07 before falling back to $44 levels.

Through the middle of the week, the downward trend continued, with 2 consecutive days in the red on Wednesday and Thursday.

The reversal saw Litecoin fall to a Thursday intraweek low $41.53 before finding support.

Steering clear of the first major support level at $39.41, Litecoin recovered with a 3.6% rally on Friday to return to $44 levels.

In spite of 3.39% and 3.42% falls mid-week, 4-days in the green delivered the upside for the week. A bearish end to the week limited the upside, however.

For the week ahead

Litecoin would need to move back through to $44.30 levels to support a run at the first major resistance level at $47.08.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level at $47.08 and last week’s high $47.50 would likely cap any upside.

Failure to move through to $44.30 levels could see Litecoin come under further pressure.

A fall back through to $43 levels would bring the first major support level at $41.11 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $38.34.

At the time of writing, Litecoin was up by 0.43% to $44.08. A bullish start to the week saw Litecoin rise from an early morning low $43.74 to a high $44.19.

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

Tron’s TRX

Tron’s TRX rose by 0.27% in the week ending 23^rd May. Partially reversing a 6.79% slide from the previous week, Tron’s TRX ended the week at $0.014993.

It was a bullish start to the week, with Tron’s TRX seeing 3 consecutive days in the green before hitting reverse.

A Tuesday high $0.015590 saw Tron’s TRX fall short of the first major resistance level at $0.01634.

The reversal saw Tron’s TRX slide by 3.91% on Wednesday and by 4.91% on Thursday to a Thursday intraweek low $0.013882.

Steering clear of the first major support level at $0.01329, Tron’s TRX found support late in the week. A 4.10% rally on Friday and a 5^th day in the green out of 7 on Saturday delivered the upside for the week.

A Saturday intraweek high $0.015629 came up short of the first major resistance level at $0.01634.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01490 levels to support a run at the first major resistance level at $0.01579.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.015629.

Barring a broad-based crypto rally in the week, the first major resistance level at $0.01579 and last week’s high will likely cap any upside.

Failure to avoid sub-$0.01490 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.01490 levels would bring the first major support level at $0.01404 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support levels at $0.01309.

At the time of writing, Tron’s TRX was up by 0.05% to $0.015001. A range-bound start to the week saw Tron’s TRX rise from an early morning low $0.014971 to a high $0.015001.

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

May 21, 2020

Ethereum is more Stable than Bitcoin

Crypto assets have become a vivid example of the statement ” What goes up, must come down” and time after time we are convinced of the validity of this phrase. Overcoming the threshold could have opened the way for testing price levels up to $10,500 in the near term, but buyers again lacked the strength. In 7 days Bitcoin shows a decline of almost 4%.

Altcoins moderately follow Bitcoin. The total capitalization in a day decreased by $10 bln. This cannot be called a large-scale sale, but there is a worsening of investor sentiment, which may result in increased sales pressure soon. The Crypto Fear & Greed Index after a 12-point growth over the week showed a daily decline of 3 points, which is a relatively accurate reflection of what is happening in the market.

While all the news was around halving and the likely prospects for Bitcoin after this event, the leading altcoin Ethereum (ETH) demonstrated quiet growth. Since the beginning of the year, Ethereum has grown by 61%, compared to 31% for Bitcoin in the same period. ETH usually follows the increase in Bitcoin, but in the end, it turns out that the coin adds more and loses less.

Favourable prospects for Ethereum are linked to the fact that its network is becoming increasingly active by launching decentralized financial applications (DeFi). ETH holders can block assets in DeFi smart contracts with different purposes, which reduces the circulation of coins, naturally creating an effect that is achieved in the bitcoin network by halving. Bitcoin maximalists do not see Ethereum as a threat, but there is no point in believing that a network after switching to 2.0 cannot be a worthy competitor to bitcoin.

Bitcoins mined at the very beginning of the network’s existence have long been at the centre of attention of the crypto community. The reaction to the transfer of 50 bitcoins, which have been motionless since 2009, has been decisively strong. These coins were received as a reward when the network had less than 100 transactions and only a few people, including Satoshi himself, were mining BTC. Such fund transfers now have a much higher response in the community than transfers of tens of thousands of bitcoins with fees less than a dollar. However, fast and cheap international transfers, bypassing numerous intermediaries, are precisely the direction that still needs to be developed and where the traditional sluggish banking system continues to hold the lead.

by Alex Kuptsikevich, the FxPro senior market analyst.

May 21, 2020

The Crypto Daily – Movers and Shakers -21/05/20

Bitcoin slid by 2.74% on Wednesday. Reversing a 0.56% gain from Tuesday, Bitcoin ended the day at $9,502.0.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $9,842.7 before hitting reverse.

Falling short of the first major resistance level at $9,945.67, Bitcoin slid to a mid-afternoon intraday low $9,301.0.

The reversal saw Bitcoin slide through the first major support level at $9,525.47 before finding support.

Late in the day, Bitcoin broke back through the first major support level to $9,590 levels before sliding back.

The pullback saw Bitcoin fall back through the first major support level to end the day in the deep red.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Wednesday.

Stellar’s Lumen (+1.59%), Bitcoin Cash SV (+0.89%) and Cardano’s ADA (+0.19%) bucked the trend on the day.

It was a bearish day for the rest, however, with Monero’s XMR sliding by 3.51% to lead the way down.

Binance Coin (-1.74%), Bitcoin Cash ABC (-2.69%), Litecoin (-3.41%), Ripple’s XRP (-1.67%), and Tron’s TRX (-3.36%) weren’t far behind.

Tezos saw a more modest 0.44S% loss on the day.

In the current week, the crypto total market cap rose to a Monday high $268.43bn before falling to a Wednesday low $248.75bn. At the time of writing, the total market cap stood at $258.04bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.64%.

This Morning

At the time of writing, Bitcoin was up by 0.06% to $9,507.6. A mixed start to the day saw Bitcoin rise to an early morning high $9,564.1 before falling to a low $9,420.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a mixed start to the day.

Cardano’s ADA (-1.50%) and Stellar’s Lumen (-1.72%) saw heavy losses early on.

Binance Coin (-0.39%), Ethereum (-0.11%), Litecoin (-0.27%), Monero’s XRM (-0.05%), Tezos (-0.76%), and Tron’s TRX (-0.22%) also saw red.

Bitcoin Cash ABC (+0.10%), Bitcoin Cash SV (+0.90%), EOS (+0.03%), and Ripple’s XRP (-0.05%) found early support.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,550 levels to bring the first major resistance level at $9,796.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,564.1.

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

In the event of an extended crypto rally, the 62% FIB of $10,034 and the second major resistance level at $10,090.27 would likely come into play.

Failure to move back through to $9,550 levels could see Bitcoin fall back into the red.

A fall back through to sub-$9,500 levels would bring the first major support level at $9,254.43 into play.

Barring an eextended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,006.87.

May 20, 2020

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 20/05/20

Binance Coin Price Resistance

It’s been a bullish 1^st half of the week, with Binance Coin seeing 3 consecutive days in the green.

The bullish start to the week saw Binance Coin rally from a Sunday current week low $15.56 to a Tuesday current week high $17.50.

In spite of the 3 days in the green that included a 3.69% rally on Tuesday, however, Binance Coin came up short of the first major resistance level at $17.73.

Resistance at $17.50 pinned Binance Coin back in the 1st half of the week.

For the current week, Binance Coin was up by 7.29% to $17.23, Sunday through Tuesday.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by 26.23% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.16% to $17.21. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $17.44 before falling to a low $17.18.

Binance Coin continued to leave the major support and resistance levels untested early on.

For the remainder of the week

Binance Coin would need to avoid sub-$17 levels to support another run at the first major resistance level at $17.73.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $17.50.

Barring an extended crypto rally ahead of the weekend, the first major resistance level would likely leave $19 levels out of play.

In the event of a breakout, the 38.2% FIB of $19.4 and the second major resistance level at $19.39 would likely come into play.

Failure to avoid sub-$17 levels could see Binance Coin hit reverse.

A pullback through to sub-$15.70 levels would bring the first major support level at $14.02 into play.

Barring an extended crypto sell-off, however, Binance Coin should avoid a fall back to sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $14.02

Major Resistance Level: $17.73

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

May 19, 2020

The Crypto Daily – Movers and Shakers -19/05/20

Bitcoin rose by 0.48% on Monday. Following on from a 3.01% rally on Sunday, Bitcoin ended the day at $9,714.8.

It was a particularly bullish start to the day. Bitcoin rallied from an early morning low $9,329.7 to an early morning intraday high $9,944.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,924.57 before sliding to a late morning intraday low $9,450.0.

Steering clear of the first major support level at $9,370.77, Bitcoin found support in the 2^nd half of the day.

The recovery saw Bitcoin strike an afternoon high $9,731.7 before easing back.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish start to the week.

Bitcoin Cash SV (+6.93%), Cardano’s ADA (+6.02%), and Tezos (+4.88%) led the way.

Binance Coin (+2.09%), Bitcoin Cash ABC (+2.44%), Ethereum (+3.76%), Litecoin (+3.73%), Monero’s XMR (+2.55%), Ripple’s XRP (+2.02%), and Tron’s TRX (+2.26%) also made solid gains.

EOS (+1.73%) and Stellar’s Lumen (+1.86%) trailed the front runners on the day.

At the start of the week, the crypto total market cap rose to a Monday high $268.43bn before falling to a low $257.27bn. At the time of writing, the total market cap stood at $262.14bn.

Bitcoin’s dominance struck a Monday high 68.31% before falling back to a low 67.52%. At the time of writing, Bitcoin’s dominance stood at 67.71%.

This Morning

At the time of writing, Bitcoin was down by 0.67% to $9,649.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,726.5 to a low $9,622.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bearish start to the day.

Bitcoin Cash SV was down by 1.43% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,955.87 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $9,944.0.

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

In the event of rebound, the 62% FIB of $10,034 would likely come into play.

Failure to move through to $9,700 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$9,600 levels would bring the first major support level at $9,461.87 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,208.93.

May 17, 2020

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 17/05/20

Binance Coin

Binance Coin fell by 8.38% in the week ending 16^th May. Following on from a 4.33% decline from the previous week, Binance Coin ended the week at $16.08.

A particularly bearish start to the week saw Binance Coin tumble by 8.46% on Sunday to an intraweek low $13.62.

Binance Coin slid through the first major support level at $15.32 before finding support to wrap up the day at $15 levels.

A 2^nd consecutive day in the red saw Binance Coin fall back through the first major support level on Monday.

The fall back to $13 levels was brief, however, with Binance Coin finding support mid-week.

3 consecutive days in the green led to a Thursday intraweek high $17.33 before sliding back into the red.

Falling short of the first major resistance level at $19.49, Binance Coin took a 4.18% hit on Friday.

The pullback saw Binance Coin test the first major support level before making a partial recovery on Saturday.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.73 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $17.33.

Barring a broad-based crypto rally, resistance at $17 would likely leave Binance Coin short of the first major resistance level at $17.73.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $17 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-16 levels would bring the first major support level at $14.02 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $11.97.

At the time of writing, Binance Coin was up by 0.77% to $16.20. A mixed start to the day saw Binance Coin fall to an early morning low $15.76 before striking a high $16.48.

Binance Coin left the major support and resistance levels untested in the early hours of Sunday morning.

Litecoin

Litecoin slid by 7.84% in the week ending 16^th May. Following on from a 4.71% fall from the previous week, Litecoin ended the week at $43.27.

A particularly bearish start to the week saw Litecoin slide by 10.20% on Sunday and by 1.49% on Monday. The sell-off saw Litecoin fall from a Sunday intraweek high $47.00 to a Monday intraweek low $39.98.

Litecoin fell through the first major support level at $44.28 and second major support level at $41.61 before recovering to $41 levels.

Finding support mid-week, Litecoin saw green for 3 consecutive days to return to $44 levels before another pullback on Friday.

While falling back through the first major support level, Litecoin avoided the second major support level at $41.61.

A 4^th day in the green on Saturday limited the downside for the week. Litecoin failed to break back through the first major support level, however.

For the week ahead

Litecoin would need to move back through to $44 levels to support a run at the first major resistance level at $47.07.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $47.00.

Barring an extended crypto rally, the first major resistance level at $47.07 and last week’s high would likely cap any upside.

Failure to move through to $44 levels could see Litecoin come under further pressure.

A fall back through to $42 levels would bring the first major support level at $39.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $35.54.

At the time of writing, Litecoin was up by 0.55% to $43.51. A bullish start to the week saw Litecoin rise from an early morning low $43.08 to a high $43.68.

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

Tron’s TRX/

Tron’s TRX slid by 6.79% in the week ending 16^th May. Following on from a 1.57% decline from the previous week, Tron’s TRX ended the week at $0.014962.

It was a particularly bearish start to the week. Tron’s TRX tumbled from a Sunday intraweek high 0.016052 to a Sunday intraweek low $0.013000.

The sell-off saw Tron’s TRX slide through the first major support level at $0.01529 and second major support level at $0.01445.

Finding support at the third major support level at $0.01294, Tron’s TRX recovered to $0.0144 levels before a 2^nd sell-off on Monday.

A 2.26% fall saw Tron’s TRX fall back through the first and second major support levels before a mid-week rebound.

Three consecutive days in the green saw Tron’s TRX recover to a Thursday high $0.015417 before a Friday pullback.

While falling back through the first major support level, the second major support level at $0.01445 limited the downside.

Tracking the broader market, a bullish end to the week delivered a 4^th day in the green to reduce the deficit for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01470 levels to support a run at the first major resistance level at $0.01634.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016052.

Barring a broad-based crypto rally in the week, the first major resistance level at $0.01634 and last week’s high will likely cap any upside.

Failure to avoid sub-$0.01470 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.01470 levels would bring the first major support level at $0.01329 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.012 support levels.

At the time of writing, Tron’s TRX was up by 0.33% to $0.015011. A relatively bullish start to the week saw Tron’s TRX rise from an early morning low $0.014941 to a high $0.015072 on Sunday.

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

TRX/USD 17/05/20 Weekly Chart