Altcoins Weekly Analysis – BNB, EOS and ETH – 02/06/19

It’s another bullish start to the week for the majors… Moves through the early part of the week will be key.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 5.41% in the week ending 1st June. Partially reversing a 22.19% rally from the previous week, Binance Coin ended the week at $33.333.

A choppy start to the week saw Binance Coin strike a Sunday intraweek high and new swing hi $38.646 before hitting reverse.

Coming up against the first major resistance level at $38.867, Binance Coin slid to a Wednesday low $30.888 before finding support.

Holding above the first major support level at $28.50, Binance recovered to $34 levels before sliding to a Thursday intraday low $29.939.

While leaving the first major support level at $28.50 untested, Binance Coin found support at $30 to reduce the deficit over the weekend.

For the week ahead,

A move through to $34 levels would support a run at the first major resistance level at $38.006 before any pullback.

Support from the broader market would be needed, however, for Binance Coin to look to break out from $34 levels.

A broad-based crypto rally through the week would bring $40 levels into play before any pullback. Binance Coin would likely come up short of the second major resistance level at $42.78, however.

Failure to move back through to $34 levels could see Binance Coin see red for a 2nd consecutive week.

A pullback through to $31 levels would likely bring the 23.6% FIB of $30.5 into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer clear of sub-$30 levels and the first major support level at $29.299.

At the time of writing, Binance Coin was up 0.03% to $33.342.

EOS

EOS rallied by 20.84% in the week ending 1st June. Following on from an 8.54% gain from the previous week, EOS ended the week at $7.71.

A bullish start to the week saw EOS rally from an intraweek low $6.2112 to a Thursday high $8.4790.

The early rally saw EOS break through the major resistance levels and, more significantly, the 23.6% FIB of $6.62.

A choppy Thursday saw EOS slide back through the third major resistance level at $8.0031 and second major resistance level at $7.1212 before bouncing back.

Holding above the first major resistance level at $6.7522 and 23.6% FIB of $6.62, EOS struck an intraweek high $8.6503.

A bearish end to the week left EOS back at sub-$8.00 levels on Saturday.

For the week ahead,

A move back through to $8.00 levels would support another bullish week ahead. EOS would need to break through to $8.30 levels to bring the first major resistance level at $8.8365 into play.

Support from the broader market would be needed, however, for EOS to breakout from last week’s high $8.6503.

In the event of a broad-based crypto rally, the 38.2% FIB of 9.76 and the second major resistance level at $9.9629 could come into play.

Failure to move back through to $8.00 levels could see EOS hit reverse. A pullback through $7.55 levels would bring sub-$7.00 levels into play before any recovery.

Barring a crypto meltdown, however, EOS will likely steer clear of the 23.6% FIB of $6.62.

At the time of writing, EOS was up by 3.26% to $7.9617.

Ethereum

Ethereum rose by 5.26% in the week ending 1st June. Following on from a 7.5% gain from the previous week, Ethereum ended the week at $264.78.

A bullish start to the week saw Ethereum rally to an early in the week high $279.55 before pulling back.

The early breakout saw Ethereum break through the 23.6% FIB of $257 and first major resistance level at $267.17.

Ethereum eased back to $260 levels mid-week before making a move.

Recovering from $260, Ethereum rallied to a Thursday intraday week high $288.77 before hitting reverse.

The reversal saw Ethereum fall back through the first major resistance level at $267.17 and 23.6% FIB of $257 to an intraweek low $235.44.

In spite of the reversal, Ethereum held above the first major support level at $233.52 and moved back through the 23.6% FIB to end the week at $264 levels.

For the week ahead,

A hold above $265 levels through the early part of the week would support another bullish week ahead.

Ethereum would need to move through to $275 levels in the early part of the week to support a run at the first major resistance level at $290.55.

Support from the broader market would be needed, however, for Ethereum to take a run at $280 levels and last week’s high $288.77.

Failure to hold above $265 levels could see Ethereum hit reverse. A pullback through 23.6% FIB of $257 would bring $240 levels into play before any recovery.

Barring a broad-based crypto sell-off, Ethereum would likely steer clear of the first major support level at $237.22.

At the time of writing, Ethereum was up by 2.61% to $271.7.

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