Altcoins Weekly Analysis – BNB, EOS and ETH – 07/07/19

After a bearish week, key levels will need to be hit to support recovery. Failure to hit key levels will likely lead to another sell-off in the week.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin slid by 8.14% in the week ending 6th July. Following on from a 6.28% fall from the previous week, Binance Coin ended the week at $32.52.

A bearish start to the week saw Binance Coin slide by 9.94% on Sunday, 30th June. The reversal saw Binance Coin fall from an intraweek high $35.92, through the 23.6% FIB of $34, to $31 levels.

The reversal continued through to a Tuesday intraweek low $29.86 before Binance found support.

Binance managed to recover to $34 levels before pulling back through the 23.6% FIB to $32 levels by the end of the week.

For the week ahead

A hold onto $32 levels through the early part of the week would support a run at the first major resistance level at $35.67.

Binance Coin would need the support of the broader market, however, to break out from the 23.6% FIB of $34.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $35.92 would likely limit any upside on the week.

In the event of a crypto rebound, the second major resistance level at $38.83 would come into play before any pullback. We would expect Binance Coin to come up short of $40 levels, however.

Failure to hold onto $32 levels could see Binance Coin lose further ground. A fall through to $30 levels would bring the first major support level at $29.61 into play before any recovery.

Barring a crypto meltdown, we would expect Binance Coin to steer clear of the second major support level at $26.71.

At the time of writing, Binance Coin was up by 0.1% to $32.56.

EOS

EOS fell by 8.73% in the week ending 6th July. Following on from a 15.65% tumble from the previous week, EOS ended the week at $5.7758.

A choppy start to the week saw EOS slide from an intraweek high $6.3995 to a Monday intraweek low $5.5646.

In spite of the reversal, EOS steered clear of the first major support level at $5.3753 to move back to $6.17 levels.

The downward bias persisted through the week, however, with EOS falling back through to $5.6 levels.

A late rally on Saturday to $6.00 levels was short-lived, with EOS ending the week back at sub-$6.00 levels.

For the week ahead

A move through to $5.92 levels would support a run at the week’s first major resistance level at $6.262.

EOS would need the support of the broader market, however, to break out from $6.00 levels on the week.

In the event of a broad-based crypto rally, EOS could break through last week’s high $6.3995 to take a run at the 23.6% FIB of $6.62.

Barring a broad-based rally, last week’s high would likely cap any upside on the week.

Failure to move through to $5.92 levels would bring the first major support level at $5.4271 into play.

Barring a crypto meltdown EOS should steer clear of sub-$5.00 support levels on the week.

At the time of writing, EOS was up 0.04% to $5.7779.

Ethereum

Ethereum slid by 9.3% in the week ending 6th July. Reversing a 2.76% gain from the previous week, Ethereum ended the week at $287.58.

A bearish start to the week saw Ethereum slide by 8.51% on Sunday, 30th June. Ethereum fell to sub-$290 levels before finding support.

Steering clear of the first major support level at $272.17, Ethereum managed to recover to $300 levels on Monday.

A Tuesday sell-off saw Ethereum slide to an intraweek low $270.43 before a 2nd recovery to $300 levels.

$300 proved to be the resistance level of the week, however, with Ethereum unable to hold onto $300 levels in the 2nd half of the week.

Whilst steering clear of the 23.6% FIB of $257, Ethereum also fell well short of the week’s first major resistance level at $363.16.

For the week ahead

A move through to $294 levels would support a move back through to $300 levels. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $317.31.

Barring a broad-based crypto rally, Ethereum would likely come up short of $310 levels on the week.

In the event of a crypto rebound, Ethereum could take a run at last week’s high $323.61.

Failure to move through to $294 levels could see Ethereum give up more ground in the week. A fall through to $270 levels would bring the first major support level at $264.12 into play before any recovery.

Barring a crypto meltdown, Ethereum should continue to hold above the 23.6% FIB of $257.

At the time of writing, Ethereum was down by 0.28% to $286.77.

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