Altcoins Weekly Analysis – BNB, EOS and ETH – 08/09/19

The bulls will be looking for a 2nd consecutive week in the green to eat into August’s sell-off. Moves mid-week will be key as volatility persists across the market.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 6.7% in the week ending 7th September. Partially reversing a 20.5% tumble from the previous week, Binance Coin ended the week at $22.46.

It was the first weekly gain in 4-weeks, partially recovering a 24.24% loss from the month of August.

A bullish start to the week gave Binance Coin 2-consecutive days in the green. The rally saw Binance Coin rise to a Monday high $22.99 before hitting reverse.

Following a 6.34% rally on Monday, 2-consecutive days in the red left Binance Coin back down at $21.1 levels before finding support.

Hold well above the first major support level at $18.89 and 62% FIB of $19, Binance Coin bounced back to a Thursday intraweek high $23.66.

Falling short of the first major resistance level at $25.25, Binance Coin saw red for a 3rd day in the week on Friday before a Saturday recovery to $22 levels.

For the week ahead

Holding above $22.38 levels in the early part of the week would support a run at the first major resistance level at $23.74.

Binance Coin would need support from the broader market, however, to break out from $22 levels.

In the event of a breakout, Binance Coin could test the second major resistance level at $25.03 before any pullback.

We would expect Binance Coin to continue to fall well short of the 38.2% FIB of $28, however.

Failure to hold above $22.38 levels could see Binance Coin resume the summer slide. A fall through to sub-$22 levels would bring first major support level at $21.09 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of the 62% FIB of $19 on the week.

At the time of writing, Binance Coin was up by 0.77% to $22.64

[fx-image src=https://www.tradingview.com/x/imNXYSQA/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/imNXYSQA/]

EOS

EOS rallied by 7.38 in the week ending 7th September. Reversing most of an 8.91% slide from the previous week, EOS ended the week at $3.5791.

A bearish start to the week saw EOS slide to a Sunday intraweek low $3.1068 before finding support.

Steering well clear of the first major support level at $3.0286, EOS struck a Tuesday intraday high $3.4707 before sliding to a Friday intraday low $3.1100.

EOS continued to hold well above the major support levels before a broad-based crypto rally on Saturday.

An 11.2% rally drove EOS to an intraweek high $3.6804 before easing back to sub-$3.6 levels. In spite of the Saturday break out that delivered a weekly gain, EOS came up short of the first major resistance level at $3.6853.

For the week ahead

A move back through to $3.6 levels would support a run at the first major resistance level at $3.8041.

EOS would need the support of the broader market, however, to break out from last week’s high $3.6804

In the event of a broad-based crypto rally, EOS could test the second major resistance level at $4.0290 before any pullback.

Failure to move through to $3.6000 levels could see EOS reverse last week’s gains. A fall back through to sub-$3.40 levels would bring the first major support level at $3.2305 into play.

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

At the time of writing, EOS was up by 0.36% to $3.5921.

[fx-image src=https://www.tradingview.com/x/7uRtoSSE/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/7uRtoSSE/]

Ethereum

Ethereum rose by 3.6% in the week ending 7th September. Partially reversing 9.94% slide from the previous week, Ethereum ended the week at $178.08.

A choppy start to the week saw Ethereum recover from a Sunday low $168.03 to strike a Tuesday intraweek high $183.15 before hitting reverse.

Falling well short of the first major resistance level at $189.62, Ethereum saw red for 3 consecutive days, leading to a Friday intraweek low $164.99.

Steering well clear of the first major support level at $158.91, Ethereum found support from the broader market on Saturday.

A 5.22% rally pulled Ethereum into positive territory for the week.

For the week ahead

A move back through to $180 levels would support a run at the first major resistance level at $185.82.

Ethereum would need the support of the broader market, however, to break out from last week’s high $183.15.

Barring a broad-based crypto rally, Ethereum would likely come up short of the second major resistance level at $193.57.

In the event of a broad-based crypto rally, Ethereum could eye $200 levels later in the week.

Failure to move back through to $180 levels could see Ethereum hit reverse. A fall through to sub-$175 levels would bring the first major support level at $163.66 into play.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$160 levels and the second major support level at $157.25.

At the time of writing, Ethereum was up by 0.42% to $178.83.

[fx-image src=https://www.tradingview.com/x/WKxh9oO3/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/WKxh9oO3/]

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