Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 09/02/20

Binance Coin

Binance Coin surged by 19.45% in the week ending 8th February. Following on from a 7.99% rally from the previous week, Binance Coin ended the week at $21.80.

Bullish through the week, Binance Coin saw 5 days in the green out of 6 before easing back on Saturday.

The breakout saw Binance Coin rise from a Sunday intraweek low $17.67 to a Friday intraweek high $22.65.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $19.27 and second major resistance level at $20.30.

Of greater significance was a breakthrough the 23.6% FIB of $18.8 to hit $20 levels for the first time since 18th November.

A 1.05% pullback on Saturday left the 38.2% FIB of $22.90 out of reach on the day.

For the week ahead

Binance Coin would need to break through the first major resistance level at $23.74 to bring the second major resistance level at $25.69 into play.

Support from the broader market would be needed for Binance Coin to break through to $24 levels.

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 $25.69 would likely come into play.

Failure to move through the first major resistance level at $23.74 could see Binance Coin hit reverse.

A fall back through the 38.2% FIB of $22.9 to sub-$20.70 levels would bring the first major support level at $18.76 and 23.6% FIB of $18.80 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$18 levels.

At the time of writing, Binance Coin was up by 7.14% to $23.36. A bullish start to the week saw Binance Coin jump from an early morning low $21.74 to a high $23.78.

Binance Coin broke through the 38.2% FIB of $22.90 to come up against the first major resistance level at $23.74.

BNB/USD 09/02/20 Weekly Chart

Litecoin

Litecoin rallied by 8.46% in the week ending 8th February. Following on from a 33% surge from the previous week, Litecoin ended the week at $76.67.

A bearish start to the week saw Litecoin fall to a Tuesday intraweek low $66.51 before making a move.

In spite of 3 consecutive days in the red, Litecoin steered clear of the first major support level at $57.99.

Through the rest of the week, 4 consecutive days in the green saw Litecoin rally to a Saturday intraweek high $77.92.

While Litecoin fell short of the first major resistance level at $78.14, Litecoin came up against the 38.2% FIB of $78 before easing back.

For the week ahead

Litecoin would need to move through to $79 levels to support a run at the first major resistance level at $80.89.

Support from the broader market would be needed for Litecoin to break back through to the current week’s high $78.45.

In the event of another breakout, Litecoin could visit $85 levels before any pullback. The second major resistance level at $85.11 would likely limit any upside.

Failure to move back through to $79 levels could see Litecoin hit reverse.

A fall back through the 38.2% FIB of $78.00 to sub-$73.70 levels would bring the first major support level at $69.48 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$70 levels in the week.

At the time of writing, Litecoin was up by 2.31% to $78.44. A bullish start to the week saw Litecoin rise from an early morning low $76.65 to a high $78.45.

Steering clear of the major support and resistance levels, Litecoin broke through the 38.2% FIB of $78 early on.

LTC/USD 09/02/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 14.25% in the week ending 8th February. Following on from an 18.62 breakout from the previous week, Tron’s TRX ended the week at $0.021807.

A relatively range-bound start to the week saw Tron’s TRX fall to a Tuesday intraweek low $0.019462 before making a move.

Steering clear of the first major support level at $0.01690, Tron’s TRX rallied to a Friday intraweek high $0.023771.

The rally saw Tron’s TRX break through the first major resistance level at $0.0206 and second major resistance level at $0.0221.

A bearish end to the week, however, led to a pullback through the second major resistance level to close out the day at $0.021 levels

For the week ahead

Tron’s TRX would need to move back through last week’s high $0.023771 to support a run at the first major resistance level at $0.02420.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0230 levels.

In the event of a broad-based crypto rally, the second major resistance level at $0.02670 could come into play.

Failure to move through last week’s high $0.023771 could see Tron’s TRX hit reverse.

A fall back to sub-$0.0213 levels would bring the first major support level at $0.01890 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.020 levels in the week.

At the time of writing, Tron’s TRX was up by 3.16% to $0.022496. A bullish start to the week saw Tron’s TRX rally from an early morning low $0.021805 to a high $0.22640.

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

TRX/USD 09/02/20 Weekly Chart

Leave a Reply

Your email address will not be published. Required fields are marked *