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

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

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

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

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

Binance Coin Mid-Week Analysis – Support Levels in Play – 18/03/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin, with Binance Coin seeing 2-days in the green out of 3 going into Wednesday.

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

Falling well short of the first major resistance level at $18.22, Binance Coin slid to a Monday current week low $8.19.

Steering clear of the first major support level at $4.24, Binance Coin bounced back to $10.00 levels.

The moves through the early part of the week saw Binance Coin rise by 2.13% on Sunday, before tumbling by 8.78% on Monday.

Risk aversion seen across the global equity markets weighed on the crypto markets on Monday.

A pickup in risk appetite across the global financial markets on Tuesday delivered an 8.8% rebound, however, to leave Binance Coin up by 1.48% for the current week, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by the current 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, Binance Coin was down by 24.69% 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 1.3% to $10.14. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $10.54 before falling to a low $19.97

Binance Coin continued to leave the major support and resistance levels untested.

BNB/USD 18/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 into play.

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

Barring a broad-based crypto rebound ahead of the weekend, resistance at $11 would likely cap any upside.

In the event of a breakout, Binance Coin could visit $12 levels before any pullback.

Failure to break back through to $12.30 levels could see Binance Coin hit reverse.

A pullback through to sub-$10 levels would bring $6 levels back into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer well clear of the first major support level at $4.24.

Looking at the Technical Indicators

Major Support Level: $4.24

Major Resistance Level: $18.22

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

Bitcoin Traders Still Bullish Despite Crypto Market Meltdown

bitcoin

However, evidence shows that traders are committed to maintaining their leveraged long positions in these uncertain times and that the future for bitcoin’s price is optimistic.

Bitcoin experienced a massive sell-off on March 12 that plunged its price to a low of $3600 within eight hours. The coin’s free-fall was led by a 9.9% decline in the Dow Jones Industrial Average on the same day, which hints at the fact that bitcoin is not an uncorrelated safe haven from traditional markets.

However, despite experiencing the largest sell-off in the last seven years, bitcoin is already showing strong signs of recovery. Bitcoin climbed 6.62% over the last 24 hours and traders seem intent on letting those gains continue.

On Bitmex, the world’s largest cryptocurrency exchange by trading volume, bitcoin longs hold a dominant majority of 63.33%. Ethereum, which is highly correlated to the price of bitcoin, was also favoured among traders. Its longs have an overwhelming majority of 92.27%.

In addition, both whales and regular traders agree that bitcoin’s trajectory will be to the upside, with 69% of traders announcing their long positions in Bitmex’s trollbox. These long positions mean that the sentiment among traders is generally positive, which can be seen as a leading indicator for future price gains.

Adding to further buying opportunities, bitcoin remains in a heavily oversold territory on the daily charts. The Relative Strength Index (RSI) gives a reading of 25.44, which is well below the threshold of 30 to be considered oversold. Strong hands and opportunistic investors could see the price dip as an incentive to buy the coin cheaply, which would increase its value further.

The price dip has also stimulated a surge in volume for the coin. Before the price dip on March 12, bitcoin’s daily volume averaged $40 billion dollars. After the dip took place, bitcoin’s average volume surged to $77 billion. Notably, the largest volume spikes occurred when bitcoin increased in value, which shows strong motivation among buyers.

On the four-hourly chart, the combination of price and volume increases has moved the On Balance Volume (OBV) indicator to the upside, meaning that volume and price are converging and this confirms bitcoin’s upward price movement.

In addition, momentum could change in the bull’s favour over the short-term as seen on the MACD. On the 4-hourly chart, the MACD line looks close to crossing over the signal line, which would be a buy signal. The MACD histogram is also close to moving into positive territory.

An interesting thing to note is that within the last 24 hours, the number of shorts has increased by 18%. This could actually be good news for bitcoin bulls, because if the price continues to rise, this may initiate a short squeeze that will propel bitcoin’s price further.

However, in order for bitcoin to be confirmed in a renewed uptrend, the coin must first test its first resistance point at $6,281.78. This resistance point will be close to its 38.2% retracement from its 4 week low. The second resistance point is at $7,143.72, which will put the coin closer to its original performance before the sell-off. At present, the coin is sitting comfortably above its first support level at $4,241.58.

To allay some fears, bitcoin’s dip is unlikely to start a renewed bear cycle but is rather a knee-jerk reaction from the markets crashing, fuelled by the coronavirus hysteria. Accelerating the coin’s descent was $1 billion worth of longs being liquidated on Bitfinex on March 12 and $800 million worth of longs liquidated the following day.

In short, unless the markets drop sharply again as they did on March 12, bitcoin could be on track to recuperate its losses and resume the gains it has made over the last several months.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 15/03/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin tumbled by 50.05% in the week ending 14th March. Reversing a 5.46% gain from the previous week, Binance Coin ended the week at $10.14.

A bearish start to the week saw Binance Coin slide by 16.72% on Sunday before steadying.

The reversal saw Binance Coin fall from a Sunday intraweek high $20.40 to sub-$16 levels before finding support.

Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.

The slide also saw Binance Coin fall through the 23.6% FIB of $18.8. Support and a return to $16 levels was brief, however, with Binance Coin tumbling by 43.91% to sub-$10 levels on Thursday.

Binance Coin fell through the third major support level, with the sell-off continuing into Friday morning.

The continued sell-off saw Binance Coin fall to an intraweek low and new swing lo $6.4164.

A Friday bounce back saw Binance Coin recover to $12 levels before a 5th day in the red on Saturday.

For the week ahead

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 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, resistance at $12 would likely leave Binance Coin well short of the 23.6% FIB and the major resistance levels.

Failure to move back through to $12.3 levels could see Binance Coin spend another week in the red.

A fall back through to sub-$10 levels would bring the first major support level at $4.2376 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$6 levels.

At the time of writing, Binance Coin was down by 0.96% to $10.04. A bearish start to the week saw Binance Coin fall from an early morning high $10.18 to a low $9.89 early on Sunday.

BNB/USD 15/03/20 Weekly Chart

Litecoin

Litecoin slumped by 43.13% in the week ending 14th March. Reversing a 4.31% gain from the previous week, Litecoin ended the week at $34.43.

Bearish throughout the week, Litecoin tumbled from a Sunday intraweek high $60.55 to a Friday intraweek low and new swing low $25.00.

The sell-off saw Litecoin see red in 6 of the 7 days, with a 15.55% slide on Sunday and 38.01% tumble on Thursday doing the damage.

Finding support on Friday, Litecoin recovered to $40 levels before falling back.

The sell-off in the week saw Litecoin slide through the week’s major support levels.

For the week ahead

Litecoin would need to move through to $40 levels to support a run at the first major resistance level at $55.00.

Support from the broader market would be needed, however, for Litecoin to break through the 23.6% FIB of $54.

Barring a broad-based crypto rebound, resistance at $40 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-$30 levels would bring the first major support level at $19.44 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$20 levels…

At the time of writing, Litecoin was up by 0.03% to $34.44. A mixed start to the day saw Litecoin fall to an early morning low $34.24 before striking a high $34.64.

LTC/USD 15/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX slumped by 42.41% in the week ending 14th March. Reversing a 2.64% gain from the previous week, Tron’s TRX ended the week at $0.009803.

It was a particularly bearish week. Tron’s TRX slumped from a Sunday intraweek high $0.017021 to a Friday intraweek low and new swing lo $0.007111.

The sell-off saw Tron’s TRX fall through the week’s major support levels before finding support on Friday.

In spite of an 18.47% bounce back on Friday, Tron’s TRX failed to break back through the third major support level at $0.01269.

A bearish end to the week, however, saw Tron’s TRX fall back to $0.010 levels.

In the week, 4-days that included a 13.91% loss on Sunday and 42.88% tumble on Thursday delivered the losses in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.011 levels to support a run at the first major resistance level at $0.01551.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.012 levels.

Barring a broad-based crypto rally in the week, resistance at $0.012 would likely leave Tron’s TRX short of the major resistance levels.

Failure to move through to $0.011 levels could see Tron’s TRX struggle in the week.

A fall back through last week’s low $0.007111 would bring the first major support level at $0.0056 into play before any recovery.

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 1.32% to $0.009932. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.009718 to a high $0.009974.

TRX/USD 15/03/20 Weekly Chart

Binance Coin Mid-Week Analysis – Support Levels in Play – 11/03/20

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Binance Coin Price Support

It’s been a bearish 1st half of the week for Binance Coin, which saw 2-days in the red out of the 3 through the start of the week.

It was a particularly bearish start to the week. Binance Coin tumbled by 16.72% on Sunday, leading to a Monday intraweek low $15.60 before finding support.

Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.

Finding support through late Monday, Binance Coin fell by just 1.72% going into Tuesday at $16.80 levels.

The partial recovery saw Binance Coin break back through the second major support level on Monday.

A relatively choppy Tuesday, saw Binance Coin briefly revisit $17.4 levels before sliding back to sub-$17 levels.

Failing to break back through the first major support level at $18.52, Binance Coin fell back through the second major support level at $16.75.

Late support on the day led to a move back through the second major support level to deliver a 1.38% gain on the day.

For the current week, Binance Coin was down by 17.04%, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by the late 2019 reversal and December’s swing lo $12.11.

It’s been a relatively bullish start to the year, however, with Binance Coin up by 23.4% from December’s swing lo.

For the bulls, Binance Coin would need to break through the 62% FIB of $29.5 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.90% to $16.67. A mixed start to the day on Wednesday saw Binance Coin rise to an early morning high $17.16 before falling to a low $16.54

Steering clear of the major resistance levels, Binance Coin fell back through the second major support level at $16.75.

BNB/USD 11/03/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through to $20.20 levels to bring the first major resistance level at $21.95 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through the major support levels and 23.6% FIB of $18.8.

Barring a broad-based crypto rebound ahead of the weekend, the 23.6% FIB would likely cap any upside.

Failure to break back through to $20.20 levels would see Binance Coin spend the week in the red.

A pullback through to sub-$16 levels would bring $14 levels into play before any recovery.

Barring an extended crypto meltdown, however, Binance Coin should steer clear of the third major support level at $13.32.

Looking at the Technical Indicators

Major Support Level: $18.52

Major Resistance Level: $21.95

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5