Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 10/05/20

Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin fell by 4.33% in the week ending 9th May. Partially reversing a 5.46% gain from the previous week, Binance Coin ended the week at $16.79.

It was a mixed start to the week, with Binance Coin rising to an early Sunday high $18.04 before hitting reverse.

Falling well short of the first major resistance level at $19.49, Binance Coin slid to an early Thursday intraweek low $15.26.

Finding support at the first major support level at $15.25, Binance Coin found support late in the week to return to $17 levels. Binance Coin briefly revisited $18 levels on Thursday before easing back. A Thursday intraday high $18.26 came up short of the first major resistance level at $19.49, however.

4 consecutive days in the red, which included a 2.47% and 3.15% fall on Sunday and Wednesday, delivered the losses.

2 consecutive days in the green before a Saturday pullback did limit the damage at the end of the week, however.

For the week ahead

Binance Coin would need to break through to $16.80 levels to bring the first major resistance level at $18.28 into play.

Support from the broader market would be needed for Binance Coin to break back through to $18 levels.

Barring a broad-based crypto rally, resistance at $17 would likely leave Binance Coin short of the first major resistance level at $18.28.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $16.80 levels could see Binance Coin struggle throughout the week.

A fall back through to the second major support level at $13.77 would bring sub-$12 levels into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the third major support level at $10.77.

At the time of writing, Binance Coin was down by 11.26% to $14.895. A particularly bearish start to the week saw Binance Coin slide from an early morning high $17.02 to a low $13.62.

Binance Coin fell through the first major support level at $15.28 and the second major support level at $13.77.

BNB/USD 10/05/20 Weekly Chart

Litecoin

Litecoin fell by 4.71% in the week ending 9th May. Partially reversing a 10.85% rally from the previous week, Litecoin ended the week at $46.94.

A mixed start to the week saw Litecoin rise to an early Sunday intraweek high $49.99 before hitting reverse.

Falling short of the first major resistance level at $52.42, Litecoin slid to a Wednesday intraweek low $44.47.

Litecoin fell through the first major support level at $44.65 before finding support from the broader market.

Ending a run of 4 consecutive days in the red, Litecoin briefly bounced back to $49 levels. 2 consecutive days in the green cut the deficit for the week before a Saturday reversal.

For the week ahead

Litecoin would need to move back through to $47.20 levels to support a run at the first major resistance level at $49.80.

Support from the broader market would be needed, however, for Litecoin to break out from the first major support level at $44.28.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level at $49.80.

Failure to move through to $47.20 levels could see Litecoin come under further pressure.

A fall back through to $40 levels would bring the third major support level at $36.09 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 support levels.

At the time of writing, Litecoin was down by 11.18% to $41.69. A bearish start to the week saw Litecoin fall from an early morning high $47.00 to a low $40.03.

Litecoin fell through the first major support level at $44.28 and the second major support level at $41.61.

LTC/USD 10/05/20 Weekly Chart

Tron’s TRX

Tron’s TRX fell by 1.57% in the week ending 9th May. Following a 16.64% rally from the previous week, Tron’s TRX ended the week at $0.016135.

A choppy start to the week saw Tron’s TRX fall to a Monday intraweek low $0.015132 before finding support.

Steering clear of the first major support level at $0.01455, Tron’s TRX bounced back to a Tuesday intraweek high 0.016650.

Falling short of the first major resistance level at $0.01737, Tron’s TRX slid back to $0.0154 levels before finding support.

Continuing to steer clear of the major support levels, Tron’s TRX returned to $0.0165 levels.

5 days in the red delivered the loss for the week.

For the week ahead

Tron’s TRX would need to move through to $0.016 levels to support a run at the first major resistance level at $0.01681.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major support level at $0.01529.

Barring a broad-based crypto rebound in the week, resistance at $0.016 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.016 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.014 levels would bring the third major support level at $0.01294 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.012 levels.

At the time of writing, Tron’s TRX was down by 11.99% to $0.014201. A bearish start to the week saw Tron’s TRX slide from an early morning high $0.01665 to a low $0.01300.

Tron’s TRX fell through the first major support level at $0.01529 and the second major support level at $0.01445.

TRX/USD 10/05/20 Weekly Chart

The Crypto Meltdown – Bitcoin Visits sub-$10,000 as the Bears Bite

Cryptomania

Bitcoin tumbled by 7.72% on Wednesday. Following on from a 4.44% slide on Tuesday, Bitcoin ended the day at $10,064.6.

A bearish start to the day saw Bitcoin fall from an early intraday high $10,909 to a late morning low $10,403.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $10,646.67.

Finding support through the late morning, Bitcoin recovered through the first major support level before hitting reverse.

A broad-based crypto sell-off saw Bitcoin slide to a late intraday low $9,966 before moving back through to $10,000 levels.

Bitcoin slid through the first major support level at $10,646.67 and second major support level at $10,389.33 to visit sub-$10,000 for the first time since 1st August.

A recent bearish run that has seen Bitcoin in the red on 5 of the last 6 days reversed gains from earlier in the month. For the month of August, Bitcoin was down by 0.23% to the end of Wednesday and down by 16.13% year-to-date.

Elsewhere

Across the top 10 cryptos, it was a sea of red for the majors.

Tron’s TRX led the way down, sliding by 14.2%. Ripple’s XRP (-11.55%), Ethereum (-10.64%), Litecoin (-10.27%), and EOS (-10%) also saw particularly heavy losses.

Stellar’s Lumen and Bitcoin Cash SV had the lightest losses on the day, with the pair falling by 7.1% and by 5.99% respectively.

The crypto meltdown led the market cap down from $285.57bn to a Wednesday low $262.62bn. At the time of writing, the total market cap stood at $265.33bn.

Bitcoin’s more modest sell-off on the day led to its dominance level recovering to 68% levels. At the time of writing, Bitcoin’s dominance stood at 68.3%.

For those looking towards Bitcoin and the broader crypto market as a safe haven, the meltdown came amidst a sell-off across the global equity markets on Wednesday.

Fears of a recession, resulting in bond yield inversions, led to investors pulling out of all risky assets, including the cryptos.

This Morning

At the time of writing, Bitcoin was up by 1.12% to $10,177. A bullish start to the day saw Bitcoin bounce from a morning low $10,066.4 to a high $10,249 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, there was relief across the crypto-board following the Wednesday meltdown.

Tron’s TRX led the way early, up by 2.27% at the time of writing. Litecoin (+1.39%), Ripple’s XRP (+1.12%), Ethereum (+1.07%), and Bitcoin Cash ABC (+1.01%) also found strong support.

Binance Coin trailed the majors early on, rising by just 0.32%.

BTC/USD 15/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to move through to $10,310 levels to support the recovery of Wednesday’s losses. A breakthrough to $10,310 would bring the first major resistance level at $10,660.4 into play.

Bitcoin would need the support of the broader market, however, to break out from $10,300 levels.

Barring a broad-based crypto rebound, Bitcoin will likely fall well short of Wednesday’s high $10,909 and $11,000 levels.

Failure to move through to $10,310 levels could see Bitcoin take another hit. A fall through to sub-$10,000 would bring the 38.2% FIB of $9,734 and first major support level at $9,717.4 into play.

Barring another crypto meltdown, Bitcoin should steer well clear of the second major support level at $9,370.2.