Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/04/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

 Binance Coin fell by 2.46% in the week ending 25th April. Following a 20.48% rally from the previous week, Binance Coin ended the week at $16.25.

A particularly bearish start to the week saw Binance Coin slide from a Sunday high $16.77 to a Tuesday intraweek low $14.75.

In spite of a 3.4% slide on Sunday and 6.6% tumble on Monday, Binance Coin steered clear of the first major support level at $14.41.

Binance Coin also steered clear of the 23.6% FIB of $14.40.

Finding support through the 2nd half of the week, Binance Coin rallied to a Thursday intraweek high 17.24.

In spite of 3 consecutive days in the green, Binance Coin fell short of the first major resistance level at $17.87.

A pullback to sub-$16 levels was short-lived on Friday, with a bullish end to the week limiting the loss for the week.

For the week ahead

Binance Coin would need to break through to $16.50 levels to bring the first major resistance level at $17.41 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $17.24.

Barring a broad-based crypto rally, the major resistance level at $17.41 would likely cap any upside.

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

Failure to move back through to $16.50 levels could see Binance Coin struggle in the week.

A fall back through to sub-$15.50 levels would bring the first major support level at $14.92 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels. The 23.6% FIB of $14.40 should limit any downside.

At the time of writing, Binance Coin was flat at $16.25. A range-bound start to the week saw Binance Coin rise from an early morning low $16.18 to a high $16.37.

BNB/USD 26/04/20 Weekly Chart

Litecoin

Litecoin rose by 0.43% in the week ending 25th April. Following on from a 3.76% gain from the previous week, Litecoin ended the week at $44.41.

Another bearish start to the week saw Litecoin fall from a Sunday high $44.39 to a Monday intraweek low $39.53.

Litecoin fell through the first major support level at $39.96 before rallying to a Saturday intraweek high $45.60.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.47 at the end of the week.

4 consecutive days in the green, before a Saturday pullback reversed 2 consecutive days in the red from the start of the week.

For the week ahead

Litecoin would need to move back through to $45 levels to support a run at the first major resistance level at $46.83.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.60.

Barring an extended crypto rally, the first major resistance level at $46.83 should limit any upside.

Failure to move through to $45 levels could see Litecoin come under further pressure.

A fall back through to sub-$43.20 levels would bring the first major support level at $40.76 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$40 support levels.

At the time of writing, Litecoin was up by 0.34% to $44.56. A bullish start to the week saw Litecoin rise from an early morning low $44.27 to a high $45.00.

Litecoin steered clear of the major support and resistance levels early on.

LTC/USD 26/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 3.44% in the week ending 25th April. Following on from a 6.71% gain from the previous week, Tron’s TRX ended the week at $0.013897.

Tracking the broader market, 2 consecutive days in the red saw Tron’s TRX fall to a Monday intraweek low $0.012231.

Tron’s TRX fell through the first major support level at $0.012320 before rallying to a Friday intraweek high $0.014329.

The rebound saw Tron’s TRX break through the first major resistance level at $0.01403 before easing back.

Following 2 consecutive days in the red, a run of 5 consecutive days in the green delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01350 levels to support a run at the first major resistance level at $0.01474.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.014329.

Barring an extended crypto rally in the week, the first major resistance level at $0.01474 should limit any upside.

Failure to avoid sub-$0.01350 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01350 levels would bring the first major support level at $0.01264 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01139.

At the time of writing, Tron’s TRX was up by 0.89% to $0.014020. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.013981 to a high $0.014051.

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

TRX/USD 26/04/20 Weekly Chart

Binance Coin Mid-Week Analysis – Support Levels in Play – 22/04/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It has been a bearish start to the week, with 2 consecutive days in the red delivering heavy losses early in the week.

Binance Coin tumbled from a Sunday current week high $16.77 to a Tuesday current week low $14.75 before finding support.

A 3.42% fall on Sunday and a 6.61% slide on Monday were followed up with a 0.92% gain on Tuesday to stop the slide.

In spite of the sell-off, however, Binance Coin steered clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

The start of the week high fell well short of the first major resistance level at $17.87.

For the current week, Sunday through Tuesday, Binance Coin was down by 9.00% to $15.16.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’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 up by just 11.06% 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 up by 0.70% to $15.26. It was a mixed start to the day on Wednesday. Binance Coin fell to an early morning low $14.89 before striking a high $15.30.

Binance Coin continued to steer clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

BNB/USD 22/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through to $15.65 levels to support a run at the first major resistance level at $17.87.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.77.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test the first major resistance level before any pullback.

Failure to move back through to $15.65 levels could see Binance Coin fall deeper into the red.

A pullback through the current week low $14.75 would bring the 23.6% FIB of $14.40 and the first major support level at $14.41 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $14.41

Major Resistance Level: $17.87

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

Crypto Demand has Increased but Fear is Still Here

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Bitcoin’s dominance index has dropped by almost a percent in the last 7 days. This indicates the interest of crypto market participants not only in the benchmark cryptocurrency but also in altcoins. Declining interest in Bitcoin also indicates growing demand for risk.

The RSI index is in a neutral zone, which indicates that the market can turn either side at any time. The Crypto Fear & Greed Index has been in the “extreme fear” zone for more than a month. Low index values often precede price reversals towards growth. But now we can say that this is only partially true.

The total capitalization of the crypto market has grown by $17 billion over the last 7 days. If you take the price statistics of the cryptocurrencies for the week, the indicators seem to be quite optimistic. Bitcoin grew by more than 6% over the week, almost doubling against a low of March 13. The leading altcoin Ethereum (ETH) jumped more than 19% over the week. Tezos (XTZ) was also among the record-breakers, climbing more than 20%. The largest anonymous coins DASH, Monero (XMR) and ZCash (ZEC) rose by 13%, 10% and 35% over the week, respectively.

The epidemic has opened up unprecedented opportunities to control all spheres of life, from independent reports of citizens on their movements to their actual place of residence and financial flows. There are fears that it will be very difficult for the authorities to give up such control after the epidemic is over. Under these conditions, anonymous cryptocurrencies may get their growth impulse, as the Bitcoin in the market is too closely monitored.

The epidemic will also make its own adjustments in the global labor market. There is already an unprecedented increase in layoffs. Some of the remaining workers are facing pay cuts, or are likely to face them in the future. Some of them will never leave the remote work, as it will be unprofitable for employers, as part of cost control, to maintain offices.

The impending crisis may prove to be something really new to the global economy, as leading central banks are close to depleting stimulus instruments. Anonymous cryptocurrencies have been in formation for 10 years since the last crisis, and a new financial meltdown may help them reach their potential in the coming years.

by Alex Kuptsikevich, the FxPro senior financial analyst.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/04/20

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

Binance Coin

Binance Coin rallied by 20.48% in the week ending 18th April. Following on from a 9.34% gain from the previous week, Binance Coin ended the week at $16.65.

A choppy start to the week saw Binance Coin fall to a Monday intraweek low $13.40, which came in spite of daily gains on Sunday and Monday.

Steering clear of the first major support level at $12.89, Binance Coin rallied to a Saturday intraweek high $16.86.

Binance Coin broke through the first major resistance level at $15.16 and second major resistance level at $16.50.

Of greater significance, however, was a move through the 23.6% FIB of $14.44.

While 5-days in the green delivered the upside for the week, a 6.84% fall in Wednesday limited the gains.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.87 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $16.86.

Barring a broad-based crypto rally, the major resistance level at $17.87 would likely cap any upside.

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

Failure to move back through to $17 levels could see Binance Coin struggle in the week.

A fall back through to sub-$15.65 levels would bring the first major support level at $14.41 and the 23.6% FIB into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

At the time of writing, Binance Coin was down by 0.80% to $16.52. A bearish start to the week saw Binance Coin fall from an early morning high $16.69 to a low $16.32.

BNB/USD 19/04/20 Weekly Chart

Litecoin

Litecoin rose by 3.76% in the week ending 18th April. Following on from a 4.39% gain from the previous week, Litecoin ended the week at $44.20.

Another bearish start to the week saw Litecoin fall from a Sunday high $43.75 to a Thursday intraweek low $38.00.

Litecoin fell through the first major support level at $39.14 before rallying to a Saturday intraweek high $44.51.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.88 at the end of the week.

An 8.4% rally on Thursday reversed 4 consecutive days in the red to support the upside in the week.

For the week ahead

Litecoin would need to move back through to $44 levels to support a run at the first major resistance level at $46.47.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $44.51.

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

Failure to move through to $44 levels could see Litecoin come under further pressure.

A fall back through to sub-$42.30 levels would bring the first major support level at $39.96 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels.

At the time of writing, Litecoin was 0.79% to $43.85. A bearish start to the week saw Litecoin fall from an early morning high $44.39 to a low $43.61.

LTC/USD 19/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 6.71% in the week ending 18th April. Following on from a 3.91% gain from the previous week, Tron’s TRX ended the week at $0.013413.

A mixed start to the week saw Tron’s TRX rise to a Sunday high $0.013436 before sliding to a Thursday intraweek low $0.011842.

Steering clear of the major resistance levels, Tron’s TRX came within range of the first major support level at $0.01159.

Finding support on Thursday, Tron’s TRX bounced back to strike a Saturday intraweek high $0.013553.

Falling short of the first major resistance level at $0.01376, Tron’s TRX eased back to sub-$0.01350 levels.

The upside in the week came in spite of 4-days in the red.

For the week ahead

Tron’s TRX would need to avoid sub-$0.13 levels to support a run at the first major resistance level at $0.01403.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.013553.

Barring an extended crypto rally in the week, the first major resistance level at $0.01403 should limit any upside.

Failure to avoid sub-$0.13 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01290 levels would bring the first major support level at $0.01232 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01123.

At the time of writing, Tron’s TRX was down by 0.91% to $0.013291. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.013436 to a low $0.013265.

TRX/USD 19/04/20 Weekly Chart

Bitcoin Continues its Fight for Price and Place Under the Sun

Cryptomania

Strengthening of the first cryptocurrency is accompanied by increased trading volumes, confirming the strength of the positive dynamics. The altcoins at first repeated the decline after the bitcoin, now they have switched to growth. Ethereum (ETH) and EOS show the most optimistic picture with an increase of 6% and 7% respectively. The total capitalization of the crypto market has also fluctuated sharply over the last 24 hours, stabilizing near $200bn.

The Crypto Fear & Greed Index saw a deeper dive into the area of “extreme fear” on the back of increased market volatility. If we rely on the index data, now is the best investment opportunity. However, sharp price swings suggest that investors prefer short-term positioning. The decline to $6,600 was immediately repurchased, bringing prices back to the levels at the start of the week.

The short-term round level of $7,000 attracts traders’ attention. The mid-term technical picture is more tilted in favour of bears. On the daily charts, BTCUSD remains markedly below the 50 and 200-day averages (a sign of a downward trend), with the RSI out of the oversold zone, giving no buy signals.

While the participants of the crypto market are trying to assess the degree of the possible impact of halving on the bitcoin prospects, the creator of Silk Road Ross Ulbricht, currently serving several life sentences, continues to forecast bitcoin. Ulbricht is very optimistic about the prospects of the crypto market, expecting that the highs of December 2017 in the future will look like “low hills”. However, even he does not rule out a downfall to $3K before this.

Investors need an extraordinary firmness to enter the market at this price level, given the news of Chinese digital yuan testing. Of course, all this news is far from official releases. However, everybody understands that the planet is rapidly moving towards “digital”, and the appearance of such currency is a logical step.

While Western economies are struggling with the virus and 5G tower arsonists, China is using this leeway to gain a leading position in the digital economic field. The paper yuan won’t be able to compete with the dollar or the euro. Still, in the new digital world, which will become particularly relevant after the end of the epidemic, it will rightfully take its place.

So what will happen to Bitcoin, Ethereum, Litecoin, and other major digital coins after the launch of national digital currencies? The optimistic scenario suggests that all these projects will find their place in the new world. After all, we have a lot of currencies in developed and emerging economies. The main feature of the digital global economy will be de-anonymization. Therefore, at least partial anonymity of digital currencies that are not tied to central banks will be valued at a new level.

 by Alex Kuptsikevich, the FxPro senior financial analyst.

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 15/04/20

Binance

Binance Coin Price Resistance

It has been a bullish start to the week, with Binance Coin seeing 3 consecutive days in the green going into Wednesday.

A mixed early part of the week saw Binance Coin slide to an early Monday current week low $13.40 before making a move.

The sell-off had come in spite of a 3.38% gain on Sunday. Steering clear of the first major support level at $12.89, Binance Coin rallied to a Tuesday current week high $16.09.

Binance Coin broke through the 23.6% FIB of $14.4 and the first major resistance level at $15.16.

More significantly, it was Binance Coin’s first visit to $16 levels since 12th March.

For the current week, Sunday through Tuesday, Binance Coin was up by 13.17%. 3 days in the green that included a 5.46% rally on Monday delivered the upside.

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, Binance Coin was up by just 14.58% 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 up by 0.87% to $15.78. A mixed start to the day on Wednesday saw Binance Coin fall to an early morning low $15.41 before striking a high $16.00.

Binance Coin continued to hold above the first major resistance level at $15.16 at the start of the day.

BNB/USD 15/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $16.09 to support another run at the second major resistance level at $16.50.

Support from the broader market would be needed, however, for Binance Coin to break through to $16 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test the second major resistance level at $16.50 before any pullback.

Failure to move back through the current week high $16.09 could see Binance Coin hit reverse.

A pullback through 23.6% FIB of $14.40 to sub-$14.20 levels would bring the first major support level at $12.89 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$13 levels.

Looking at the Technical Indicators

Major Support Level: $12.89

Major Resistance Level: $15.16

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

Bitcoin Buried on the Way to $7,000

Bitcoin

Sideway trends for bitcoin often end with sales, which was confirmed this time as well. On the weekend, Bitcoin made a deceptive leap above $7,100, where it faced stiff resistance. At the beginning of the working week, Bitcoin is losing 2% to $6,700. The Crypto Fear & Greed Index continued to decline, falling another 9 points from last week, remaining in “extreme fear” zone for a month.

Altcoins follow the benchmark cryptocurrency, but not all alternative digital currencies show a decline on the weekly chart. Tezos (XTZ) showed almost 12% growth over the week, Chainlink (LINK) +43%, Bitcoin Gold (BTG) +27%. One of the most affected cryptocurrencies over the week is Bitcoin Cash (BCH), which showed a decline of 8.5%. This is the result of halving for the first fork of Bitcoin. In addition to the price decline, there was the drawdown of the hash rate. If it was a rehearsal of the benchmark coin’s halving, then such results make us think about this event from the negative side.

The Bitcoin lost 5% in 7 days. Despite this, some well-known analysts are still expecting $20K this year. Among them is Arthur Hayes, head of BitMex crypto exchange, who, however, also admits the possibility of re-testing $3K. He believes that the main reason for the favourable scenario is the policy of central banks. It turns out that we are already in a transition period, during which only physical gold and Bitcoin will survive. Time will show whether this is the case, but we can assume that central banks and governments won’t give up their monetary power.

A year ago, the crypto market began to recover from “crypto winter”. Bitcoin was still 32% above its levels a year ago. Bitcoin’s third halving is a month away. Previously, market participants had high hopes for this event, but the experience of Bitcoin Cash and Litecoin showed that everything might go wrong. However, even if the short-term effect is negative, it does not mean that we won’t see new highs in the next few years.

by Alex Kuptsikevich, the FxPro senior financial analyst.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/04/20

Bitcoin and Litecoin over dollar banknotes.

Binance Coin

Binance Coin rose by 9.34% in the week ending 11th April. Following on from a 12.64% rally from the previous week, Binance Coin ended the week at $13.82.

A bearish start to the week saw Binance Coin fall by 0.90% on Sunday to an intraweek low $13.30 before finding support.

Steering well clear of the first major support level at $11.81, Binance Coin rallied to a Tuesday intraweek high $15.57.

Off the back of an 11.3% rally on Monday, Binance Coin broke through 23.6% FIB of $14.40 and the first major resistance level at $15.02.

A pullback on Tuesday and an 8.5% slide on Friday saw Binance Coin slide back through the first major resistance level and 23.6% FIB of $14.4.

In spite of 4 days in the red out of 7, Binance Coin held onto $13 levels to end the week in the green.

For the week ahead

Binance Coin would need to break back through to $14.20 levels to bring the first major resistance level at $15.16 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 major resistance level at $15.16 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 $14.20 levels could see Binance Coin struggle in the week.

A fall back through last week’s low $13.30 would bring the first major support level at $12.89 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $11.96.

At the time of writing, Binance Coin was down by 0.41% to $13.77. A mixed start to the week saw Binance Coin rise to an early morning high $14.03 before falling to a low $13.62.

BNB/USD 12/04/20 Weekly Chart

Litecoin

Litecoin rose by 4.39% in the week ending 11th April. Following on from a 4.93% gain from the previous week, Litecoin ended the week at $42.61.

A bearish start to the week saw Litecoin fall by 1.15% to a Sunday intraweek low $39.95 before finding support.

Steering clear of the first major support level at $37.57, Litecoin bounced back to a Tuesday intraweek high $47.69.

Litecoin broke through the first major resistance level at $46.88 and second major resistance level at $46.28 before sliding back.

Reversing an 11.7% rally from Monday, Litecoin saw 3 days in the red out of 4 to end the week at $42 levels. An 8.49% slide on Friday ate into the gains from earlier in the week.

For the week ahead

Litecoin would need to move back through to $43.40 levels to support a run at the first major resistance level at $46.88.

Support from the broader market would be needed, however, for Litecoin to break out from $45 levels.

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

Failure to move through to $43.40 levels could see Litecoin come under further pressure.

A fall back through to sub-$40 levels would bring the first major support level at $39.14 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels.

At the time of writing, Litecoin was down by 1.27% to $42.07. A bearish start to the week saw Litecoin fall from an early morning high $42.81 to a low $41.90.

LTC/USD 12/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX gained 3.91% in the week ending 11th April. Following on from a 5.59% rise from the previous week, Tron’s TRX ended the week at $0.012516.

A bullish start to the week saw Tron’s TRX rally to a Tuesday intraweek high $0.014069 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.1289 and second major resistance level at $0.1373.

The breakthrough came off the back of 2 consecutive days in the green, which included a 9.1% rally on Monday.

Bearish through the rest of the week, however, led to a slide back to $0.012040 on Friday before finding support.

3 days in the red out of 4, which included a 7.8% slide on Friday, left Tron’s TRX with modest gains from the week.

For the week ahead

Tron’s TRX would need to move through to $0.01280 levels to support a run at the first major resistance level at $0.01376.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.013 levels.

Barring an extended crypto rally in the week, the first major resistance level at $0.01376 should leave Tron’s TRX short of $0.014 levels.

Failure to move back through to $0.1280 levels could see Tron’s TRX struggle in the week.

A fall back through last week’s low $0.11896 would bring the first major support level at $0.01159 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01065.

At the time of writing, Tron’s TRX was down by 1.17% to $0.012369. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.012569 to a low $0.012365.

TRX/USD 12/04/20 Weekly Chart

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 08/04/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It was a bearish start to the week, with Binance Coin falling to a Sunday current week low $13.30 before finding support.

Steering clear of the first major support level at $11.81, Binance Coin rallied to a Tuesday current week high $15.57.

Off the back of a 0.90% fall on Sunday, Binance Coin rallied by 11.32% from Monday to Tuesday’s high.

Binance Coin broke through 23.6% FIB of $14.4 and the first major resistance level at $15.02 before easing back.

A 3.35% fall on Tuesday saw Binance Coin back through the first major resistance level to sub-$15 ahead of a Wednesday breakout.

For the current week, Sunday through Tuesday, Binance Coin was up by 6.44%. 2 days in the red from 3 partially offset Monday’s rally.

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 1st quarter sell-off. Having been up by as much as 101% year-to-date, Binance Coin was up by just 7.84% 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 up by 2.51% to $15.09. A bullish start to the day on Wednesday saw Binance Coin rally from an early morning low $14.49 to a high $15.47.

Steering clear of the major support levels, Binance Coin broke back through the first major resistance level at $15.02.

BNB/USD 08/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through the current week high $15.57 to support another run at the second major resistance level at $16.24.

Support from the broader market would be needed, however, for Binance Coin to break through to $16 levels.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test resistance at $17 before any pullback.

Failure to move back through the current week high $15.57 could see Binance Coin hit reverse.

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

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $11.81

Major Resistance Level: $15.02

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

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

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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