Altcoins Weekly Analysis – BNB, EOS and ETH – 08/12/19

While it was a mixed week for the majors last week, its a relatively bearish start to the week. A move through to key levels would support a breakout…
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Binance Coin

Binance Coin fell by 0.57% in the week ending 7th December. Following on from a 3.3% slide from the previous week, Binance Coin ended the week at $15.65.

A bearish first half of the week saw Binance Coin fall on 3 of the 4 days. In spite of the downward trend, Binance Coin struck a Wednesday intraweek high $16.42.

Binance Coin fell short of the week’s first major resistance level at $16.89 before closing out Wednesday in the red.

The Wednesday pullback continued into Thursday, with Binance Coin falling to an early morning intraweek low $14.75.

Steering clear of the first major resistance level at $14.22, Binance Coin bounced back to $16 levels, supported by 2 consecutive days in the green.

The bearish sentiment ultimately weighed, however. A pullback on Friday from $16 levels and a 0.31% loss on Saturday left Binance Coin in the red for the week.

For the week ahead

Binance Coin would need to move through to $15.65 levels to support a run at the first major resistance level at $16.46.

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

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $17 levels again.  Last week’s high $16.42 and the first major resistance level at $16.46 would likely cap any upside.

Failure to move through to $15.65 levels could likely see Binance Coin spend a 4th consecutive week in the red.

A fall back through to sub- $15 levels would bring the first major support level at $14.79 into play.

Barring another crypto meltdown, Binance Coin should steer clear of the second major support level at $13.94.

At the time of writing, Binance Coin was down by 1.47% to $15.42.

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EOS

EOS fell by 0.97% in the week ending 7th December. Partially reversing a 2.53% gain from the previous week, EOS ended the week at $2.7371.

Bucking the trend from the broader market, EOS rallied rose by 1.22% on Sunday, striking an intraweek high $2.8695.

Falling short of the first major resistance level at $2.9563, EOS slid by 3.53% on Monday and by 2.68% on Wednesday.

Minor support on Tuesday did little to hold off a slide to a Wednesday intraweek low $2.5804.

In spite of the reversal, EOS steered well clear of the first major support level at $2.4634.

Finding support on Thursday and Friday, EOS recovered to $2.75 levels before a 0.39% loss on Saturday.

Despite the Saturday pullback, EOS held onto $2.7 levels to limit the downside in the week.

For the week ahead

EOS would need to move through to $2.75 levels to support a run at the first major resistance level at $2.8776.

Support from the broader market would be needed, however, for EOS to break out from last week’s high $2.8695.

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

Failure to move through to $2.75 levels could see EOS spend a second consecutive week in the red.

A fall back through to sub-$2.70 levels would bring the first major support level at $2.5885 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4399.

At the time of writing, EOS was down by 0.48% to $2.7239.

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Ethereum

Ethereum slid by 2.76% in the week ending 7th December. Following on from a 0.14% fall from the previous week, Ethereum ended the week at $147.43.

A choppy start to the week saw Ethereum visit $151 levels on Sunday before hitting reverse.

Ethereum saw 4 consecutive days in the red before finding support from the broader market. The reversal saw Ethereum fall to a Wednesday intraweek low $143.17.

Steering clear of the first major support level at $136.48, Ethereum struck an intraweek high $153.0 on the day.

Falling well short of the first major resistance level at $162.41, Ethereum fell back to sub-$150s to end the day in the red.

2 consecutive days in the green saw Ethereum come up against resistance at $150 before falling by 0.93% on Saturday to wrap up a bearish week.

For the week ahead

Ethereum would need to move back through to $148 levels to support a run at the first major resistance level at $152.56

Support from the broader market would be needed, however, for Ethereum to break through to $150 levels.

Barring an extended crypto rally, Ethereum would likely fall short of $160 levels in the week. The second major resistance level at $157.70 would likely limit any upside.

Failure to move back through to $150 levels could see Ethereum spend a 5th consecutive week in the red.

A pullback to sub-$145 levels would bring the first major support level at $142.73 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$140 levels in the week.

In the event of a meltdown, the second major support level at $138.04 would likely come into play.

At the time of writing, Ethereum was up by 0.4% to $147.49.

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