Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 13/09/20

Binance Coin

Binance Coin surged by 46.36% in the week ending 12th September. Reversing a 15.11% tumble from the previous week, Binance Coin ended the week at $28.51.

It was a choppy but bullish start to the week. Binance Coin slid to a Sunday intraweek low $18.46 before making a move.

While falling through the 38.2% FIB of $19.4, Binance Coin steered clear of the first major support level at $16.20.

Off the back of an 18.93% rebound on Sunday, Binance Coin rallied to a Saturday intraweek high $28.59.

Binance Coin broke through the first major resistance level at $24.52 to visit $28 levels for the first time since August-19. The week’s rally also saw Binance Coin break through the 62% FIB of $27.3 to form a near-term bullish trend.

6 days in the green that included an 18.93% jump last Sunday and a 12.07% rally on Saturday delivered the upside in the week.

For the week ahead

Binance Coin would need to avoid a fall through the $25.19 pivot to bring the first major resistance level at $31.91 into play.

Support from the broader market would be needed for Binance Coin to break out from $30 levels.

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

In the event of another crypto rally, the second major resistance level at $35.32 could come into play.

Failure to avoid a fall through the $25.19 pivot would bring 23.6% FIB of $23.4 and the first major support level at $21.78 into play.

Barring a crypto sell-off, Binance Coin should steer clear of sub-$25 levels in the week, however.

At the time of writing, Binance Coin was up by 2.98% to $29.36. A bullish start to the week saw Binance Coin rise from an early Sunday morning low $28.12 to a high and new swing hi $29.53.

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

BNB/USD 13/09/20 Daily Chart

Litecoin

Litecoin rose by 6.31% in the week ending 12th September. Partially reversing a 16.06% slump from the previous week, Litecoin ended the week at $50.85.

It was a choppy start to the week. In spite of 2 consecutive days in the green, Litecoin fell to a Monday intraweek low $45.31 before making a move.

Steering clear of the first major support level at $40.52, Litecoin struck a Thursday high $49.49 before easing back.

Falling well short of the first major resistance level at $59.76, Litecoin fell back to sub-$48 levels before finding support.

At the end of the week, Litecoin rallied to a Saturday intraweek high $51.31 before easing back. In spite of the Saturday support, however, Litecoin continued to fall well short of the major resistance levels.

6 days in the green that included a 3.80% rally on Saturday delivered the upside. A 2.78% slide on Tuesday, limited the gains for the week, however.

For the week ahead

Litecoin would need to avoid a fall through the $49.16 pivot to support a run at the first major resistance level at $53.00.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $51.31.

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

In the event of a breakout, the 23.6% FIB of $54 would likely come into play. The second major resistance level at $55.16 should limit any upside, however.

Failure to avoid a fall through the $49.16 pivot would bring the first major support level at $47.00 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $43.16.

At the time of writing, Litecoin was down by 0.20% to $50.75. A bearish start to the week saw Litecoin fall from an early morning high $50.93 to an early Sunday low $50.55.

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

LTC/USD 13/09/20 Daily Chart

Tron’s TRX

Tron’s TRX rallied by 9.72% in the week ending 12th September. Following on from a 20.08% breakout from the previous week, Tron’s TRX ended the week at $0.03279.

It was a mixed start to the week. Tron’s TRX fell to a Sunday intraweek low $0.02770 before making a move.

Steering clear of the first major support level at $0.01926, Tron’s TRX rallied to a Wednesday intraweek high $0.03676.

While falling short of the first major resistance level at $0.4694, Tron’s TRX broke through the 23.6% FIB of 0.0291.

A bearish end to the week, however, saw Tron’s TRX slide back to $0.031 levels before wrapping up the week at $0.032 levels.

4 days in the green that included an 8.16% surge on Tuesday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall back through the $0.03242 pivot to support a run at the first major resistance level at $0.03713.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.03676.

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

In the event of an extended rally, the second major resistance level at $0.04148 and 38.2% FIB of $0.0428 should cap any upside.

Failure to avoid a fall back through the $0.03242 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02807 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.

The second major support level at $0.02336 should limit any downside.

At the time of writing, Tron’s TRX was down by 1.00% to $0.03246. It was a bearish start to the week. Tron’s TRX fell from an early morning high $0.03282 to an early Sunday low $0.03219.

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

Tron's TRX 13/09/20 Daily Chart

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