Altcoins Weekly Analysis – BNB, EOS and ETH – 03/11/19

It’s a positive start to the week as the majors continue to find support. Steering clear of key levels early on would support another early breakout.
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Binance Coin

Binance Coin rallied by 6.42% in the week ending 2nd November. Following on from a 4.14% gain from the previous week, Binance Coin ended the week at $20.22.

A bullish start to the week saw Binance Coin rally from a Sunday intraweek low $17.79 to a Monday intraweek high $21.31.

The early rally saw Binance Coin break through the 23.6% FIB of $21 and the first major resistance level at $21.15 before sliding back to sub-$20 on the day.

Finding further support on Tuesday, Binance Coin broke back through the 23.6% FIB and first major resistance level before hitting reverse.

Following 3 consecutive days in the green, Binance Coin saw 2 consecutive days in the red. The pullback saw Binance Coin fall back to $19 levels.

Steering clear of the major support levels, 2 consecutive days in the green provided much-needed support at the end of the week.

For the week ahead

Binance Coin would need to steer clear of sub-$19.80 levels to support a run at 23.6% FIB of $21 and the first major resistance level at $21.76.

Support from the broader market would be needed, however, for Binance Coin to break back through the 23.6% FIB.

In the event of a broad-based crypto rally, Binance Coin could test the second major resistance level at $23.29 before any pullback.

We would expect Binance Coin to fall well short of the 38.2% FIB of $24, however.

Failure to steer clear of sub-$19.80 levels could see Binance Coin test the first major support level at $18.24.

Barring an extended sell-off through the week, however, we would expect Binance Coin to steer clear of sub-$18 support levels.

At the time of writing, Binance Coin was up by 0.42% to $20.31.

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EOS

EOS rose by 5.90% in the week ending 2nd November. Following on from a 9.18% rally from the previous week, EOS ended the week at $3.3350.

A bullish start to the week saw EOS rally from an early Sunday intraweek low $3.0823 to a Monday intraweek high $3.5636.

The bullish start to the week saw EOS rally by 6.33% on Sunday to deliver the upside for the week.

In spite of the early moves, EOS left the major support and resistance levels untested early on.

It was a relatively choppy week, however, with EOS managing only 3 days in the green. Mid-week, EOS slid back to sub-$3.20 levels on Thursday before finding support.

EOS rose by 2.8% on Friday to $3.42 levels before easing back with another day in the red on Saturday.

For the week ahead

EOS would need to steer clear of sub-$3.30 levels to support a run at the first major resistance level at $3.5716.

Support from the broader market would be needed, however, for EOS to break out from last week’s high $3.5636.

Barring an extended rally through the week, last week’s high $3.5636 and first major resistance level would likely cap any upside.

Failure to steer clear of sub-$3.30 levels could see EOS give up gains from last week. A fall through to sub-$3.30 levels would bring the first major support level at $3.0903 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$3 support levels in the week.

At the time of writing, EOS was up by 0.52% to $3.3522.

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Ethereum

Ethereum rose by 1.79% in the week ending 2nd November. Following on from a 4.64% gain from the previous week, Ethereum ended the week at $183.25.

A relatively bullish start to the week saw Ethereum rally from a Sunday intraweek low $176.84 to a Tuesday intraweek high $193.41.

In spite of a 2.4% gain on Sunday and a 5% rally on Tuesday, Ethereum came up short of the first major resistance level at $202.02.

2 consecutive days in the red, including a 4% slide on Wednesday saw Ethereum fall back to $177 levels.

Steering clear of the first major support level at $155.52, Ethereum broke back through to $183 levels. The late recovery delivered the upside on the week.

For the week ahead

Ethereum would need to steer clear of sub-$184.5 levels to support a run at the first major resistance level at $192.16.

Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels.

Barring a broad-based crypto rally, Ethereum would likely come up short of last week’s high $193.41.

In the event of a crypto breakout, the second major resistance level at $201.07 could be tested.

Failure to steer clear of sub-$184.5 levels could see Ethereum hit reverse. A fall through to sub-$180 levels would bring the first major support level at $175.59 into play before any recovery.

Barring an extended sell-off through the week, Ethereum should continue to steer clear of sub-$170 support levels.

At the time of writing, Ethereum was up by 0.70% to $184.54.

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