Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 06/09/20

Binance Coin

Binance Coin tumbled by 15.11% in the week ending 5th September. Reversing a 3.28% gain from the previous week, Binance Coin ended the week at $19.49.

It was a bullish start to the week. Binance Coin rallied to a Tuesday intraweek high $26.27 before hitting reverse.

Binance Coin broke through the first major resistance level at $24.35 and the second major resistance level at $25.75.

The reversal saw Binance Coin slide to a Saturday intraweek low $17.95.

Binance Coin fell back through the resistance levels and the first major support level at $21.13 and the second major support level at $19.31.

More significantly, Binance Coin also fell through the 38.2% FIB of $19.40.

Finding late support on Saturday, Binance Coin moved back through the 38.2% FIB to $19.4 levels to reduce the deficit for the week.

3 days in the red that included a 17.46% slump on Thursday delivered the downside. A 6.71% rally on Tuesday limited the loss, however.

For the week ahead

Binance Coin would need to move through the $21.24 pivot to bring the first major resistance level at $24.52 into play.

Support from the broader market would be needed for Binance Coin to break out from $21 levels.

Barring a broad-based crypto rebound, resistance at $21 would likely leave Binance Coin short of the first major resistance level.

In the event of a crypto rebound, the first major resistance level at $24.52 would likely limit any upside.

Failure to move through the $21.24 pivot would bring the first major support level at $16.20 into play.

Barring another crypto sell-off, Binance Coin should steer clear of sub-$17 levels, however.

At the time of writing, Binance Coin was down by 1.05% to $19.29. A mixed start to the week saw Binance Coin fall to an early morning low $19.19 before rising to a high $19.53.

Binance Coin left the major support and resistance levels untested at the start of the week. The 38.2% FIB of $19.4 was in action early on, however.

BNB/USD 06/09/20 Daily Chart

Litecoin

Litecoin tumbled by 16.06% in the week ending 5th September. Following on from a 5.42% slide from the previous week, Litecoin ended the week at $47.83.

It was a bullish start to the week. Litecoin rallied to a Tuesday intraweek high $64.38 before hitting reverse.

Litecoin broke through the first major resistance level at $62.01 before sliding to a Thursday intraweek low $45.14.

The reversal saw Litecoin fall through the first major support level at $53 and the second major support level at $48.98. More significantly, Litecoin also fell through the 23.6% FIB of $54.

Finding support on Friday, Litecoin briefly revisited $52 levels before another sell-off on Saturday.

Litecoin fell back through the second major support level to the intraweek low $45.14 before steadying.

4 days in the red that included a 13.82% slide on Thursday left Litecoin in the deep red.

For the week ahead

Litecoin would need to move through the $52.45 pivot to support a run at the first major resistance level at $59.76.

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

Barring another extended crypto rally, the 23.6% FIB of $54 would likely leave Litecoin short of the first major resistance level.

Failure to move through the $52.45 pivot would bring the first major support level at $40.52 into play.

Barring another extended crypto sell-off, however, Litecoin should steer well clear of sub-$40 in the week.

At the time of writing, Litecoin was down by 0.44% to $47.62. A mixed start to the week saw Litecoin fall to an early morning low $47.35 before rising to a high $48.13.

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

LTC/USD 06/09/20 Daily Chart

Tron’s TRX

Tron’s TRX rallied by 20.08% in the week ending 5th September. Reversing a 1.31% loss from the previous week, Tron’s TRX ended the week at $0.02989.

It was a bullish start to the week. Tron’s TRX rallied from a Sunday intraweek low $0.02569 to a Thursday intraweek high $0.05337.

Steering clear of the major support levels, Tron’s TRX broke through the week’s major resistance levels before hitting reverse.

More significantly, Tron’s TRX broke through the 23.6% FIB of 0.0291 and the 38.2% FIB of $0.0428.

A bearish end to the week, however, saw Tron’s TRX slide back to a Saturday low $0.02719 before steadying.

Tron’s TRX fell back through the third major resistance level at $0.03197 and the second major resistance level at $0.02808.

The reversal also saw Tron’s TRX fall back through the 38.2% FIB and the 23.6% FIB before a late move back through the 23.6% FIB.

4 days in the green that included an 18.6% surge on Tuesday and a 15.9% rally Thursday delivered the upside. An 11.19% slide on Friday and a 15.96% tumble on Saturday limited the upside for the week, however.

For the week ahead

Tron’s TRX would need to move through the $0.03632 pivot to support a run at the first major resistance level at $0.04694.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.040 levels.

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

Failure to move through the $0.03632 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.01926 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.020 support levels in the week.

At the time of writing, Tron’s TRX was up by 1.69% to $0.030397. A mixed start to the week saw Tron’s TRX fall to an early morning low $0.029463 before rising to a high $0.031025.

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

TRX/USD 06/09/20 Daily Chart

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