Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 05/04/20

crypto currency mining concept

Binance Coin

Binance Coin rallied by 12.64% in the week ending 4th April. Following on from a 0.74% gain from the previous week, Binance Coin ended the week at $13.81.

A bearish start to the week saw Binance Coin slide by 7.59% last Sunday, leading to a Monday intraweek low $11.03.

Steering well clear of the first major support level at $10.69, Binance Coin rallied to a Saturday intraweek high $14.24.

6 consecutive days in the green that included a 7.83% rebound on Monday delivered the upside for the week.

For the week ahead

Binance Coin would need to break back through to $14 levels to bring the first major resistance level at $15.02 into play.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring a broad-based crypto rally, the first major resistance level at $15.02 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $16 before any pullback.

Failure to move back through to $14 levels could see Binance Coin struggle in the week.

A fall back through to sub-$13 levels would bring the first major support level at $11.81 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$12 levels.

At the time of writing, Binance Coin was up by 0.61% to $13.90. A bullish start to the week on Sunday saw Binance Coin rise from an early morning low $13.64 to a high $14.09 before easing back.

BNB/USD 05/04/20 Weekly Chart

Litecoin

Litecoin rose by 4.93% in the week ending 4th April. Following on from a 1.35% gain from the previous week, Litecoin ended the week at $40.85.

A bearish start to the week saw Litecoin slide by 4.63% last Sunday, leading to a Sunday intraweek low $37.01 before finding support.

Steering clear of the first major support level at $35.14, Litecoin bounced back to a Thursday intraweek high $43.00.

Litecoin broke through the first major resistance level at $42.06 before easing back.

6 consecutive days in the green delivered the upside in the week.

For the week ahead

Litecoin would need to steer clear of sub-$40.30 levels to support a run at the first major resistance level at $43.56.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $43.00.

Barring an extended crypto rally, the first major resistance at $43.56 would likely limit any upside in the week.

Failure to steer clear of sub-$40.30 levels could see Litecoin come under further pressure.

A fall back through to sub-$40 levels would bring the first major support level at $37.57 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$37 support levels.

At the time of writing, Litecoin was up by 0.24% to $40.95. A mixed start to the day saw Litecoin rise to an early morning high $41.11 before falling to a low $40.63.

LTC/USD 05/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 5.59% in the week ending 4th April. Following on from a 2.01% gain from the previous week, Tron’s TRX ended the week at $0.01204.

Tracking the broader market, Tron’s TRX fell by 6.45% on Sunday, leading to a Monday intraweek low $0.010672.

Steering clear of the first major support level at $0.01032, Tron’s TRX rallied to a Thursday intraweek high $0.012626.

Tron’s TRX broke through the first major resistance level at $0.01234 before easing back to sub-$0.012 levels. A bullish end to the week saw Tron’s TRX wrap up the week at $0.012 levels.

6 consecutive days in the green reversed last Sunday’s pullback that included a 7.45% Monday rebound delivered the weekly gain.

For the week ahead

Tron’s TRX would need to steer clear of sub-$0.01180 levels to support a run at the first major resistance level at $0.01289.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.012626.

Barring an extended crypto rally in the week, the first major resistance level at $0.012626 should leave Tron’s TRX short of $0.013 levels.

Failure to steer clear of sub-$0.01180 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01180 levels would bring the first major support level at $0.01093 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.010 levels.

At the time of writing, Tron’s TRX was down by 0.27% to $0.012008. A mixed start to the day saw Tron’s TRX rise from an early morning low $0.012008 to a high $0.012080 before falling back to the low.

TRX/USD 05/04/20 Weekly Chart

The Crypto Daily – Movers and Shakers -02/04/20

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

Bitcoin rallied by 3.83% on Wednesday. Following on from a 0.31% gain on Tuesday, Bitcoin ended the day at $6,675.0.

A bearish start to the day saw Bitcoin slide to a late afternoon intraday low $6,180.0 before making a move.

Bitcoin fell through the first major support level at $6,339.6 and the second major support level at $6,251.5.

Of greater significance was a fall through the 23.6% FIB of $6,300 before rallying to a final hour intraday high $6,726.5.

Bitcoin broke back through the major support levels and 23.6% FIB before breaking through the first major resistance level at $6,525.9 and the second major resistance level at $6,624.1.

In spite of a late pullback to sub-$6,700, Bitcoin held above the second major resistance level.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish start to the quarter.

Bitcoin Cash ABC (+2.26%), EOS (+2.42%), and Ethereum (+2.30%) led the way on Wednesday.

Binance Coin (+1.51%), Bitcoin Cash SV (+1.46%), Cardano’s ADA (+1.73%), Monero’s XMR (+1.50%), Ripple’s XRP (+1.10%), and Stellar’s Lumen (+1.40%) also found late support.

Litecoin (+0.33%), Tezos (+0.01%), and Tron’s TRX (+0.36%) trailed the pack on the day.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to $185bn levels on Thursday. At the time of writing, the total market cap stood at $185.66bn.

Bitcoin’s dominance eased back to sub-65% levels following Tuesday’s modest gain before bouncing back on Wednesday. At the time of writing, Bitcoin’s dominance stood at 65.4%.

24-hour trading volumes recovered from sub-$100bn levels on Sunday to hit $127bn levels on Thursday. At the time of writing, 24-hr volumes stood at $127.19bn.

This Morning

At the time of writing, Bitcoin was down by 0.45% to $6,644.9. A mixed start to the day saw Bitcoin rise to an early morning high $6,770.0 before falling to a low $6,619.4.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.52%), Bitcoin Cash SV (-0.03%), Monero’s XMR (-0.21%), and Stellar’s Lumen (-0.57%) joined Bitcoin in the red.

EOS and Ethereum found strong support early on, both with gains of 0.79%, to lead the way.

BTC/USD 02/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to bring the first major resistance level at $6,874.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,770.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move back through to $6,700 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$6,520 levels would bring the second major support level at $6,327.83 back into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,000 levels. The 23.6% FIB of $6,300 should limit any downside on the day.

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 01/04/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin fell to a Monday current week low $11.03 before finding support.

Steering clear of the first major support level at $10.69, Binance Coin struck a Monday current week high $12.85.

Falling well short of the first major resistance level at $13.64, Binance Coin eased back to sub-$12 levels.

Support in the week, however, prevented a slide back to the current week low. 2 consecutive days in the green reversed a 7.59% slide on Sunday.

For the current week, Sunday through Tuesday, Binance Coin was up by 2.45% to $12.56.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and last week’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, with Binance Coin was down by 7.99% year-to-date.

The 1st quarter slide came from a 34.72% tumble in March, with Binance Coin sitting well below a current year high $27.51.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.13% to $12.58. A mixed start to the day on Wednesday saw Binance Coin slide to an early morning low $12.14 before striking a high $12.73.

Binance Coin continued to steer well clear of the major support and resistance levels.

BNB/USD 01/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $12.85 to support another run at the first major resistance level at $13.64 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through last week’s high $13.54.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13.5 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.

Failure to move back through the current week high $12.85 could see Binance Coin hit reverse.

A pullback through to sub-$12.10 levels would bring the first major support level at $10.69 into play.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of sub-$10.00 support levels.

Looking at the Technical Indicators

Major Support Level: $10.69

Major Resistance Level: $13.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

The Crypto Daily – Movers and Shakers -31/03/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 8.74% on Monday. Reversing a 5.71% slide from Sunday, Bitcoin ended the day at $6,407.6.

Bullish throughout the day, Bitcoin rallied from an early morning intraday low $5,880.9 to a late intraday high $6,636.0.

Bitcoin broke through the first major resistance level at $6,150.93 and the second major resistance level at $6,409.17.

Of greater significance, however, was a breakthrough and hold above the 23.6% FIB of $6,300.

A late pullback limited the upside on the day, however.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish start the week.

Bitcoin Cash SV and Tezos led the way, surging by 12.88% and by 9.83% respectively.

Binance Coin (+7.79%), Bitcoin Cash ABC (+7.09%), Cardano’s ADA (+6.03%), Ethereum (+6.34%), Stellar’s Lumen (+6.03%), and Tron’s TRX (+7.55%) also found strong support.

EOS (+5.27%), Litecoin (+5.09%), Monero’s XMR (+5.79%), and ripple’s XRP (+5.22%) trailed the pack.

Through the start of the week, the crypto total market cap rose from a Monday low $168.04bn to a Tuesday high $182.23bn. At the time of writing, the total market cap stood at $181.21bn.

Bitcoin’s dominance continued to sit at sub-66% levels following last week’s pullback. At the time of writing, Bitcoin’s dominance stood at 65.3%.

24-hour trading volumes recovered from sub-$100bn levels seen on Sunday to hit $121bn levels on Tuesday morning. At the time of writing, 24-hr volumes stood at $120.91bn.

This Morning

At the time of writing, Bitcoin was up 1.07% to $6,476.0. A bullish start to the day saw Bitcoin rise from an early morning low $6,407.6 to a high $6,536.0.

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

Elsewhere, it was also a mixed start to the day.

Bitcoin Cash ABC (-0.91%), EOS (-0.27%), Litecoin (-0.18%), Tezos (-0.49%), and Tron’ TRX (-0.41%) saw red early on.

Binance Coin (+1.07%), Bitcoin Cash SV (+0.57%), Cardano’s ADA (+0.70%), Ethereum (+0.45%), Monero’s XMR (+0.45%), Ripple’s XRP (+0.73%), and Stellar’s Lumen (+0.71%) joined Bitcoin in the green.

BTC/USD 31/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,500 levels to bring the first major resistance level at $6,735.43 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $6,636.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move back through to $6,500 levels could see Bitcoin hit reverse.

A fall back through to the morning low to sub-$6,310 levels would bring the first major support level at $5,890.33 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$6,00 levels. The 23.6% FIB of $6,300 should limit any downside.

Bitcoin’s Interrupted Recovery

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

At the beginning of the new working week, Bitcoin adds more than 2% and trades around $6,300, and the overall mood is improving somewhat.

 

The Crypto Fear & Greed Index is still in the “extreme fear” area, having lost several points recently. According to the idea of the creators, now it is a great time to buy, but investors are clearly in no hurry to take this opportunity. The RSI index is in the neutral zone, without any signs of choosing a particular direction. 

 

Altcoins fully duplicate the dynamics of the leading cryptocurrency, showing a moderately positive mood. Alternative coins are now close to the levels (or lower) preceding the 2020 rally. This should be another argument for bulls, but so far, other factors have not formed in favor of the crypto market.

 

Central banks are trying to contain a “virus fire” in the global economy. Still, the process is complicated and lengthy, with many adverse effects just beginning to appear. Retail investors are preparing to tighten their belts for weeks or even months to come. New money supply from the Fed and Co. (other global central banks) is still infinitely far from the real sector, helping at this stage only to stabilize the quotes of some financial assets, but not retail. Whether institutional investors are using the current moment to buy is also a big question, as optimists already have a lot of options, while pessimists are preparing for the bottom ahead.

 

Against the background of a non-stop “printing press” from the world’s leading central banks on the one hand, and the limited issue of Bitcoin, on the other hand, restoring interest in the crypto market seems like a logical scenario. However, as long as the essence of Bitcoin’s existence lies in sharp price swings and is not based on any long-term idea for investors, its prospects are even vaguer than the future of traditional national currencies.

 

by Alex Kuptsikevich, the FxPro senior financial analyst.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/03/20

Bitcoin and Litecoin over dollar banknotes.

Binance Coin

Binance Coin rose by 0.74% in the week ending 28th March. Following on from a 19.45% rally from the previous week, Binance Coin ended the week at $12.21.

A bearish start to the week saw Binance Coin slide by 7.8% on Sunday, leading to a Monday intraweek low $10.59.

Steering well clear of the first major support level at $8.73, Binance Coin rallied to a Friday intraweek high $13.54.

A 9.66% rebound on Monday and 7.24% rally on Thursday drove Binance Coin to the week high before hitting reverse.

2-consecutive days in the red on Friday and Saturday, including a 6.6% loss on Friday, cut the gains for the week.

For the week ahead

Binance Coin would need to break back through to $13 levels to bring the first major resistance level at $13.64 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $13.54.

Barring a broad-based crypto rally, the first major resistance level at $13.64 would likely cap any upside.

In the event of a breakout, resistance at $14 would likely leave Binance Coin short of the 23.6% FIB of $14.4.

Failure to move back through to $13 levels could see Binance Coin struggle in the week.

A fall back through to sub-$12.1 levels would bring the first major support level at $10.69 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$10 levels.

At the time of writing, Binance Coin was down by 1.23% to $12.06. A Bearish start to the week saw Binance Coin fall from a Sunday morning high $12.30 to a low $12.01.

BNB/USD 29/03/20 Weekly Chart

Litecoin

Litecoin rose by 1.35% in the week ending 28th March. Following on from an 11.57% rally from the previous week, Litecoin ended the week at $38.91.

A bearish start to the week saw Litecoin slide by 7.66% on Sunday, leading to a Monday intraweek low $34.51.

Steering clear of the first major support level at $30.38, Litecoin bounced back to a Friday intraweek high $41.43.

The upside came off the back of a 10.35% rally on Monday.

A choppy end to the week, however, saw Litecoin fall back to sub-$40 levels, with a 6% slide on Friday limiting the upside in the week.

Litecoin had fallen well short of the first major resistance level at $45.18 on Friday before the pullback.

For the week ahead

Litecoin would need to move back through to $40 levels to support a run at the first major resistance level at $42.06.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $41.43.

Barring an extended crypto rally, the first major resistance at $42.06 would likely limit any upside in the week.

Failure to move back through to $40 levels could see Litecoin come under further pressure.

A fall back through to sub-$38 levels would bring the first major support level at $35.14 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$30 levels. The second major support level at $31.36 should limit any downside in the week.

At the time of writing, Litecoin was down by 0.75% to $38.62. A bearish start to the week saw Litecoin fall from an early morning high $39.19 to a low $38.35.

LTC/USD 29/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 2.01% in the week ending 28th March. Following on from a 15.45% rally from the previous week, Tron’s TRX ended the week at $0.011448.

Tracking the broader market, Tron’s TRX fell by 8.67% on Sunday, leading to a Monday intraweek low $0.01009.

Steering clear of the first major support level at $0.00893, Tron’s TRX rallied to a Friday intraweek high $0.012107, supported by a 10.58% rebound on Monday.

Falling short of the first major resistance level at $0.01316, Tron’s TRX fell back to sub-$0.011 levels before finding late support.

A 6.06% slide on Friday limited the upside in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.012 levels to support a run at the first major resistance level at $0.01234.

Support from the broader market would be needed, however, for Tron’s TRX to break back out from last week’s high $0.012107.

Barring an extended crypto rally in the week, the first major resistance level at $0.01234 should cap any upside.

Failure to move through to $0.012 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01122 levels would bring the first major support level at $0.01032 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0090 levels. The second major support level at $0.00920 should limit any downside.

At the time of writing, Tron’s TRX was down by 1.41% to $0.011287. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.011403 to a low $0.011274.

TRX/USD 29/03/20 Weekly Chart

The Crypto Daily – Movers and Shakers -26/03/20

Bitcoin and Litecoin over dollar banknotes.

Bitcoin fell by 1.09% on Wednesday. Partially reversing a 4.2% gain from Tuesday, Bitcoin ended the day at $6,688.2

A choppy start to the day saw Bitcoin rally to a mid-morning intraday high $6,968.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $6,932.73 before sliding to a late morning intraday low $6,430.2.

The sell-off saw Bitcoin fall through the first major support level at $6,498.73 before finding support.

Bitcoin recovered to $6,700 levels in the early afternoon before falling back to $6,500 levels.

Support late on led to recovery to $6,600 levels, however, to limit the loss on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Stellar’s Lumen bucked the trend with a 0.47% gain on Wednesday.

It was bearish for the rest of the pack, however. Litecoin and Bitcoin Cash SV slid by 3.59% and 3.26% to lead the way down.

Bitcoin Cash ABC (-2.48%), Cardano’s ADA (-2.89%), EOS (-2.08%), and Tezos (-2.95%) also saw relatively heavy losses.

Binance Coin (-0.88%), Monero’s XMR (-0.40%), Ripple’s XRP (-0.51%), and Tron’s TRX (-0.39%) saw modest losses on the day.

Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $185.44bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week. At the time of writing, Bitcoin’s dominance stood at 66.1%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $135.61bn.

This Morning

At the time of writing, Bitcoin was down by 2.79% to $6,573.5. A bullish start to the day saw Bitcoin rise to an early morning high $6,790.8 before falling to a low $6,668.4.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV and Ripple’s XRP saw red early on, with losses of 0.165 and 0.57% respectively.

It was a bullish start to the day for the rest of the pack, however, with Monero’s XMR up by 2.29% to lead the way.

BTC/USD 26/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to support a run at the first major resistance level at $6,960.73.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,790.8.

Barring a broad-based crypto rally, resistance at $6,800 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through to $6,700 levels could see Bitcoin hit reverse.

A fall back through the morning low $6,668.4 would bring the first major support level at $6,422.93 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should continue to steer clear of the 23.6% FIB of $6,300.

Binance Coin Mid-Week Analysis – Support Levels in Play – 25/03/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was yet another choppy start to the week. Binance Coin rose to a Sunday high $12.53 before hitting reverse.

Falling well short of the major resistance levels, Binance Coin slid to an early Monday current week low $10.59.

In spite of a 7.88% slide on Sunday, Binance Coin steered clear of the first major support level at $8.73.

Finding support on Monday, Binance Coin bounced back from the early low to strike a Tuesday current week high $12.99.

In spite of a 9.66% rally on Monday, Binance Coin came up short of the first major resistance level at $14.94.

While easing back from $12.9 levels, Binance Coin held onto $12 levels going into the mid-week sessions.

For the current week, Sunday through Tuesday, Binance Coin was up by just 2.89%.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and a March swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, with Binance Coin was down by 8.64% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.75% to $12.25. A bearish start to the day on Wednesday saw Binance Coin fall from an early morning high $12.57 to a low $12.17.

Binance Coin continued to steer well clear of the major support and resistance levels.

BNB/USD 25/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $12.99 to support another run at the first major resistance level at $14.94 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $13 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $13 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $14 before any pullback.

We would expect Binance Coin to come up short of the 23.6% FIB of $14.4, however.

Failure to move back through the current week high $12.99 could see Binance Coin hit reverse.

A pullback through to sub-$11.56 levels would bring sub-$10 levels into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $8.73.

Looking at the Technical Indicators

Major Support Level: $8.73

Major Resistance Level: $14.94

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

The Crypto Daily – Movers and Shakers -24/03/20

Cryptomania

Bitcoin rallied by 11.54% on Monday. Reversing a 6.15% slide from Sunday, Bitcoin ended the day at $6,491.5.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,677.0 before making a move.

Steering clear of the first major support level at $5,580.1, Bitcoin rallied to an early afternoon intraday high $6,664.3.

Bitcoin broke through the first major resistance level at $6,235.5 and the second major resistance level at $6,650.9.

Of greater significance was a move through the 23.6% FIB of $6,300 before sliding back to sub-$6,200 levels.

Finding support late in the day, however, Bitcoin broke back through the first major resistance level and 23.6% FIB to wrap up the day at $6,400 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish start to the week.

Monero’s XMR, Tezos, and Ethereum led the way, with gains of 17.81%, 13.92%, and 12.01% respectively.

Binance Coin (+9.69%), Bitcoin Cash ABC (+9.83%), Litecoin (+10.38%), and Tron’s TRX (+10.63%) also saw solid gains.

Bitcoin Cash SV (+7.74%), Cardano’s ADA (+8.52%), EOS (+7.50%), Ripple’s XRP (+7.77%), and Stellar’s Lumen (+8.24%) trailed the front runners.

Through the start of the week, the crypto total market cap rose from a Monday low $163.00bn to an early Tuesday high $187.61bn. At the time of writing, the total market cap stood at $181.47bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. At the time of writing, Bitcoin’s dominance stood at 65.7%.

Trading volumes jumped from $130bn levels to $153bn levels on Monday before easing back. At the time of writing, 24-hr volumes stood at $151.44bn.

This Morning

At the time of writing, Bitcoin was up by 1.84% to $6,610.9. A bullish start to the day saw Bitcoin rise from an early morning low $6,487.7 to a high $6,696.3.

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

Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV rallying by 3.6% to lead the way.

Ethereum (-0.53%), Monero’s XMR (-0.11%), and Tezos (-0.41%) saw red to buck the trend early on.

BTC/USD 24/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to support a run at the first major resistance level at $6,878.2.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,696.3.

Barring an extended crypto rally, resistance at $6,700 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through the morning high $6,696.3 to $6,700 levels could see Bitcoin hit reverse.

A fall back through the morning low $6,484.7 would bring the 23.6% FIB of $6,300 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the first major support level at $5,890.9.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 22/03/20

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

Binance Coin

Binance Coin rallied by 19.45% in the week ending 21st March. Partially reversing a 50.05% tumble from the previous week, Binance Coin ended the week at 12.10.

A mixed start to the week saw Binance Coin rise to a Sunday high $11.91 before hitting reverse.

Falling well short of the major resistance levels, Binance Coin tumbled to a Monday intraweek low $8.19.

Steering clear of the first major support level at $4.24, Binance Coin rebounded from an 8.78% slide to strike a Friday intraweek high $14.40.

In spite of a 17.94% Thursday rally, Binance Coin came up short of the first major resistance level at $18.22.

The 23.6% FIB of $14.40 pinned Binance Coin back on Friday, leading to a 3.08% slide on the day.

A 5th day in the green on Saturday consolidated the gains from earlier in the week. A lackluster end to the week, however, left Binance Coin back to sub-$13 levels.

For the week ahead

Binance Coin would need to break back through to $13 levels to bring the first major resistance level at $14.94 into play.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring another broad-based crypto rally, the 23.6% FIB would likely leave Binance Coin short of the major resistance levels.

Failure to move back through to $13 levels could see Binance Coin hit reverse.

A fall back through to sub-$11.6 levels would bring the first major support level at $8.73 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$10 levels.

At the time of writing, Binance Coin was up by 2.23% to $12.37. A bullish start to the week, on Sunday, saw Binance Coin rise from an early morning low $11.81 to a high $12.57.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 22/03/20 Weekly Chart

Litecoin

Litecoin rallied by 11.57% in the week ending 21st March. Partially reversing a 43.13% slump from the previous week, Litecoin ended the week at $38.39.

A bullish start to the week saw Litecoin rally by 5.26% on Sunday to hit an early high $39.0 before hitting reverse.

Falling short of the major resistance levels, Litecoin slid by 8.03% on Monday to an intraweek low $29.17.

Steering well clear of the first major support level at $19.44, Litecoin rallied to a Friday intraweek high $43.97.

Falling well short of the first major resistance level at $55, Litecoin fell back to $34 levels before finding support.

A recovery to $38 levels on Friday and a 0.79% gain on Saturday consolidated a 12.14% rally from Thursday.

For the week ahead

Litecoin would need to move back through to $40 levels to support a run at the first major resistance level at $45.18.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $43.97.

Barring an extended crypto rally, the first major resistance at $45.18 would likely limit any upside in the week.

Failure to move back through to $40 levels could see Litecoin come under further pressure.

A fall back through to sub-$37 levels would bring the first major support level at $30.38 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$30 levels…

At the time of writing, Litecoin was up by 2.34% to $39.29. A bullish start to the week saw Litecoin rise from an early morning low $37.97 to a high $39.71.

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

LTC/USD 22/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 15.45% in the week ending 21st March. Partially reversing a 42.41% tumble from the previous week, Tron’s TRX ended the week at $0.011256.

Tracking the broader market, Tron’s TRX struck a Sunday high $0.011173 before sliding to a Monday intraweek low $0.008502.

Steering clear of the first major support level at $0.0056, Tron’s TRX rallied to a Friday intraweek high $0.012737.

Falling well short of the first major resistance level at $0.01551, Tron’s TRX slid back to sub-$0.011 levels.

Finding late support on Friday and Saturday, Tron’s TRX consolidated a 13.48% gain from Thursday.

For the week ahead

Tron’s TRX would need to move back through to $0.012 levels to support a run at the first major resistance level at $0.01316.

Support from the broader market would be needed, however, for Tron’s TRX to break back out from last week’s high $0.012737

Barring an extended crypto rally in the week, the first major resistance level at $0.01316 should cap any upside.

Failure to move through to $0.012 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.011 levels would bring the first major support level at $0.00893 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0080 levels.

At the time of writing, Tron’s TRX was up by 2.61% to $0.011550. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.011176 to a high $0.011600.

Tron’s TRX left the major support and resistance levels untested.

TRX/USD 22/03/20 Weekly Chart