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

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.

BNB/USD 19/07/20 Weekly Chart

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.

LTC/USD 19/07/20 Weekly Chart

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.

TRX/USD 19/07/20 Weekly Chart

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