Altcoins Weekly Analysis – BNB, EOS and ETH – 10/11/19

After a mixed week for the majors, it’s a mixed start to the week, with Binance Coin looking to make a move. Volatility is on the rise…
Cryptomania

Binance Coin

Binance Coin fell by 2.42% in the week ending 9th November. Partially reversing a 6.42% rally from the previous week, Binance Coin ended the week at $19.73.

A bearish start to the week saw Binance Coin fall to a Sunday low $19.72 before finding support.

Steering well clear of the first major support level at $18.24, Binance Coin rallied to a Monday intraweek high $21.11 before hitting reverse.

While falling short of the first major resistance level at $21.76, Binance Coin broke through the 23.6% FIB of $21.

In spite of 3 consecutive days in the green, Binance Coin eased back to $20 levels before 2 consecutive days in the red.

A 1.45% fall on Thursday and a 3.86% slide on Friday saw Binance Coin fall to an intraweek low $19.13 before finding support.

In spite of the pullback, Binance Coin steered clear of the first major support level at $18.24.

A 0.66% gain on Saturday to $19.7 levels was not enough to reverse the losses from the week.

For the week ahead

Binance Coin would need to move through to $20 levels to support a run at the first major resistance level at $20.85.

Support from the broader market would be needed, however, for Binance Coin to move back through to $20 levels.

In the event of a broad-based crypto rally, the 23.6% FIB of $21 would likely come into play. Barring an extended rally through the week, however, Binance Coin would likely come up short of the second major resistance level at $23.95.

Failure to move through to $20 levels could see Binance Coin take another hit. A fall through last week’s low $19.13 would bring the first major support level at $18.87 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $18.01.

At the time of writing, Binance Coin was up by 0.4% to $19.81.

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EOS

EOS rose by 4.5% in the week ending 9th November. Following on from a 5.90% gain from the previous week, EOS ended the week at $3.4904.

A bearish start to the week saw EOS fall to a Sunday intraweek low $3.200 before finding support. In spite of a 1.63% loss on the day, EOS steered clear of the first major support level at $3.0903.

A bullish Monday and Tuesday saw EOS rally by 5.52% and by 4.94% respectively, to strike an intraweek high $3.69 before hitting reverse.

EOS broke through the first major resistance level at $3.5716 before seeing 3 consecutive days in the red.

EOS fell back to $3.31 levels before finding support. A move back through to $3.4 levels and a 2.41% gain on Saturday supported the upside for the week.

For the week ahead

EOS would need to move through to $3.50 levels to support a run at the first major resistance level at $3.7203.

Support from the broader market would be needed, however, for EOS to break through last week’s high $3.69.

Barring another bullish run through the week, last week’s high $3.69 and first major resistance level would likely cap any upside.

Failure to move through to $3.5 levels could see EOS hit reverse. A fall through to sub-$3.40 level would bring the first major support level at $3.2303 into play.

Barring an extended sell-off through the week, however, EOS should steer well clear of sub-$3.00 support levels.

At the time of writing, EOS was down by 0.81% to $3.4622.

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Ethereum

Ethereum rose by 0.82% in the week ending 9th November. Following on from a 1.79% gain from the previous week, Ethereum ended the week at $184.77.

A mixed start to the week saw Ethereum fall to a Sunday intraweek low $179.11 before finding support.

Steering clear of the first major support level at $175.59, Ethereum rallied to a Wednesday intraweek high $194.6.

Ethereum broke through the first major resistance level at $192.16 before sliding back to $180 levels.

Support at the end of the week saw Ethereum move back through to $184 levels to close out the week in positive territory.

After a 0.83% loss on Sunday, Ethereum saw 3 consecutive days in the green to hit the week intraweek high before easing back.

2 consecutive days in the red left Ethereum with modest gains for the week.

For the week ahead

Ethereum would need to move through to $186 levels to support a run at the first major resistance level at $193.21.

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

Barring an extended crypto rally through the week, Ethereum would likely continue to fall short of $200 levels.

Failure to move through to $190 levels could see Ethereum come under pressure. A fall through to last week’s low $179.11 would bring the first major support level at $177.72 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $170.67.

At the time of writing, Ethereum was down by 0.51% to $183.82.

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