Altcoins Weekly Analysis – BNB, EOS and ETH – 09/06/19

It’s another bearish start to the week. A failure to move back through to key levels could lead to another weekly loss for the majors…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.48% in the week ending 8th June. Following on from a 5.41% fall from the previous week, Binance Coin ended the week at $31.84.

A particularly bearish start to the week saw Binance Coin slide from a Sunday intraweek high $34.42 to a Tuesday intraweek low $28.06.

Falling well short of the major resistance levels, Binance Coin fell through the 23.6% FIB of $30.5 and first major support level at $29.3.

4 consecutive days in the green cut the deficit for the week, with Binance Coin managing to move back through the 23.6% FIB.

For the week ahead,

A move through to $31.5 levels would be needed to support a bullish week ahead. Binance Coin would need to move through to $32 levels, however, to bring the first major resistance level at $34.82 into play.

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

Barring a crypto rally, the first major resistance level and last week’s high $34.42 would limit any upside in the week.

Failure to move back through to $31.5 levels could see Binance Coin see red for a 3rd consecutive week.

A pullback through to $30 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 the first major support level at $28.46.

At the time of writing, Binance Coin was down by 1.39% to $31.40.

EOS

EOS tumbled by 17.3% in the week ending 8th June. Reversing most of the previous week’s 20.84% rally, EOS ended the week at $6.3741.

A bearish 1st half of the week saw EOS slide from a Sunday intraweek high $8.00 to a Thursday intraweek low $5.9182.

The reversal saw EOS slide through the 23.6% FIB of $6.62 and first major support level at $6.3974 before finding support.

Relatively range-bound through the 2nd half of the week, EOS recovered to $6.8 levels before easing back through the 23.6% FIB and first major support level.

The 23.6% FIB of $6.62 pinned EOS back through to the end of the week.

For the week ahead,

A move back through the 23.6% FIB of $6.62 to $6.77 levels would support a resumption of the upward trend.

EOS would need support from the broader market, however, to break through to $7.00 levels and bring the first major resistance level at $7.61 into play.

In the event of a broad-based crypto rally, EOS could touch $8.00 levels before any pullback. The second major resistance level at $8.8459 would likely limit any upside in the event of a breakout.

Failure to move back through to $6.77 levels could see EOS hit reverse once more. A pullback through $6.10 levels would sub-$6.00 levels and the first major support level at $5.5282 into play.

Barring a crypto meltdown, however, EOS will likely steer well clear of sub-$5.00 levels.

At the time of writing, EOS was down by 1.2% to $6.2976.

Ethereum

Ethereum fell by 7.71% in the week ending 8th June. Reversing a 5.26% gain from the previous week, Ethereum ended the week at $244.3.

A bullish start to the week saw Ethereum rise to a Sunday intraweek high $274.75 before hitting reverse.

Falling well short of the first major resistance level at $290.55, Ethereum slid to Wednesday intraweek low $233.00.

The reversal saw Ethereum fall through the 23.6% FIB of $257 and first major support level at $237.22 before finding support.

Range-bound through the 2nd half of the week, Ethereum moved back through the first major support level. The recovery wasn’t enough, however, for Ethereum to break back through the 23.6% FIB of $257.

For the week ahead,

A move back through to $250 levels would be needed to support the recovery of last week’s losses.

Ethereum would need the support of the broader market, however, to break out from the 23.6% FIB of $257.

Barring a broad-based crypto rebound, Ethereum would likely come up short of the first major resistance level at $268.37.

In the event of a crypto market rebound, Ethereum could touch $270 levels before any pullback.

Failure to move back through to $250 levels could see Ethereum take another weekly hit.

A fall back through to $235 levels would bring the first major support level at $226.62 into play before any recovery.

Barring a broad based-crypto sell-off, Ethereum would likely steer clear of the second major support level at $208.93.

At the time of writing, Ethereum was down by 1.22% at $241.33.

Most Recent

Top Articles

Popular

9517.9
-924.69
-8.85496%
195.10
-31.500
-13.90115%
0.2905
-0.0231
-7.36607%
275.78
-35.690
-11.45857%
EOSEOS
3.5410
-0.7570
-17.61284%
77.660
-12.520
-13.88334%