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

Binance Coin

Binance Coin fell by 4.70% in the week ending 19th September. Partially reversing a 46.36% surge from the week prior, Binance Coin ended the week at $27.18.

It was a bullish start to the week. Binance Coin rallied to a Monday intraweek high and new swing hi $32.5 before hitting reverse.

Off the back of 2 consecutive days in the green, Binance Coin broke through the first major resistance level at $31.91.

The reversal saw, however, saw Binance Coin slide to a Thursday intraweek low $25.77.

While steering well clear of the first major support level at $21.78, Binance Coin fell through the 23.6% FIB of $27.5.

Range-bound through the latter part of the week, Binance Coin saw resistance at $29 limit any upside. Steering clear of the 38.2% FIB of $23.5 and the first major support level at $21.78 was key in the week, however.

4 days in the green that included a 9.30% jump last Sunday failed to prevent a weekly loss. A 13.36% slide on Tuesday did the damage.

For the week ahead

Binance Coin would need to move through 23.6% FIB of $27.5 and the $28.48 pivot to bring the first major resistance level at $31.20 into play.

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

Barring another extended crypto rally, the first major resistance level should leave Binance Coin short of $32 levels.

In the event of another crypto rally, the second major resistance level at $35.21 could come into play.

Failure to move through the 23.6% of $27.5 and the $28.48 pivot would bring the first major support level at $24.47 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$20 levels in the week.

The 38.2% FIB of $23.5 and the second major support level at $21.75 should limit any downside.

At the time of writing, Binance Coin was down by 0.11% to $27.15. A bearish start to the week saw Binance Coin fall from an early morning high $27.24 to a low $26.93 on Sunday morning.

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

BNB/USD 20/09/20 Daily Chart

Litecoin

Litecoin slid by 4.66% in the week ending 19th September. Partially reversing a 6.31% gain from the previous week, Litecoin ended the week at $48.48.

It was a choppy start to the week. A 5.25% slide on Sunday saw a Litecoin fall from an intraweek high $51.05 to a Monday low $47.15 before finding support.

Steering clear of the first major support level at $47.00, Litecoin briefly recovered to $50 levels before sliding back into the deep red.

Litecoin fell to a Wednesday intraweek low $47.00 before wrapping up the week at $48 levels.

The first major support level at $47.00 limited the downside in the week.

5 days in the red, which included the 5.25% slide last Sunday, delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $48.84 pivot to support a run at the first major resistance level at $50.69.

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

Barring an extended crypto rally, the first major resistance level and last week’s high $51.05 would likely limit any upside.

In the event of a breakout, the second major resistance level at $52.89 should leave Litecoin short of the 23.6% FIB of $54.

Failure to move through the $48.84 pivot would bring the first major support level at $46.64 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $44.79.

At the time of writing, Litecoin was down by 0.04% to $48.46. A bearish start to the week saw Litecoin fall from an early morning high $48.49 to a low $48.32.

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

LTC/USD 20/09/20 Daily Chart

Tron’s TRX

Tron’s TRX slid by 15.30% in the week ending 19th September. Reversing a 9.72% rally from the previous week, Tron’s TRX ended the week at $0.027693.

It was a bearish start to the week. Tron’s TRX fell from a Sunday intraweek high $0.003321 to a Wednesday intraweek low $0.025271 before finding support.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.0291 and the first major support level at $0.02807.

Steering clear of sub-$0.025 levels, Tron’s TRX revisited $0.0299 levels before easing back. The 23.6% FIB of $0.0291 pinned Tron’s TRX back late in the week.

5 days in the red that included a 6.4% slide on Sunday and an 8.2% tumble on Tuesday delivered the downside. A 6.95% rally on Thursday limited the downside for the week, however.

For the week ahead

Tron’s TRX would need to move through the $0.02872 pivot and the 23.6% FIB $0.0291 to support a run at the first major resistance level at $0.03218.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.030 levels.

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

In the event of an extended rally, the second major resistance level at $0.03666 would likely leave Tron’s TRX short of $0.04 levels in the week.

Failure to move through the $0.02872 pivot would bring the first major support level at $0.02424 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02078.

At the time of writing, Tron’s TRX was down by 0.95% to $0.02743. A bearish start to the week saw Tron’s TRX fall from an early Sunday morning high $0.027698 to a low $0.027167.

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

TRX/USD 20/09/20 Daily Chart

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