Altcoins Weekly Analysis – BNB, EOS and ETH – 13/10/19

It was a week in the green for the majors last week. A bullish start to the week would support further upside. Some vol is to be expected, however.
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Binance Coin

Binance Coin rallied by 9.28% in the week ending 12th October. Reversing a 0.19% fall from the previous week, Binance Coin ended the week at $17.19.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $14.82 before finding support.

Sliding by 4.24% on the day, Binance Coin fell through the first major support level at $14.75.

Bullish through Monday and Wednesday, Binance Coin gained 6.57% and 10.93% to strike a Wednesday intraweek high $18.11.

Binance Coin broke through the first major resistance level at $16.51 and second major resistance level at $17.31.

2 consecutive days in the red, including a 5.73% slide on Friday, led to a pullback to sub-$16 levels before finding support on Saturday.

The pullback saw Binance Coin fall back through the major resistance levels. A 3.74% gain on Saturday saw Binance Coin break back through the first major resistance level at $16.51.

For the week ahead

Binance Coin would need to steer clear of sub-$16.8 levels to support a run at the first major resistance level at $18.59.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $18.11.

In the event of a broad-based crypto rally, Binance Coin could visit $19 levels before any pullback. We would expect Binance Coin to come up short of the second major resistance level at $20, however.

Failure to steer clear of sub-$16.8 levels could see Binance Coin test the first major support level at $15.30.

Barring an extended sell-off through the week, however, we would expect Binance Coin to steer clear of sub-$15 support levels.

At the time of writing, Binance Coin was up by 0.95% to $17.35.

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EOS

EOS rose by 2.55% in the week ending 12th October. Following on from a 5.67% gain from the previous week, EOS ended the week at $3.0771.

A bearish start to the week saw EOS fall to a Sunday intraweek low $2.8508 before making a move.

Steering clear of the first major support level at $2.7433, EOS bounced back to a Wednesday intraweek high $3.37.

Driven by a 9.54% rally on Monday and a 2.56% gain on Wednesday, EOS broke through the first major resistance level at $3.1961.

Coming within range of the second major resistance level at $3.3914, EOS saw 2 consecutive days in the red.

The pullback saw EOS fall back through the first major support level to $3.04 on Friday before finding support.

A 0.29% gain on Saturday provided much-needed support following the Thursday – Friday pullback.

For the week ahead

EOS would need to move through to $3.10 levels to support a run at the first major resistance level at $3.3478.

Support from the broader market would be needed, however, for EOS to break through to $3.30 levels.

Barring an extended rally through the week, the first major resistance level and last week’s high $3.37 would likely cap any upside.

Failure to move through to $3.10 levels could see EOS hit reverse. A fall back to sub-$3.00 levels would bring the first major support level at $2.8286 into play.

Barring a crypto meltdown, EOS should steer clear of sub-$2.8 support levels in the week.

At the time of writing, EOS was up by 0.38% to $3.0888.

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Ethereum

Ethereum rose by 1.78% in the week ending 12th October. Following on from a 1.63% gain from the previous week, Ethereum ended the week at $179.86.

A bearish start to the week saw Ethereum fall to a Sunday intraweek low $164.34 before finding support.

Sliding by 3.71% at the start of the week, Ethereum fell through the first major support level at $165.42.

Finding support from the broader market, Ethereum saw 3 consecutive days in the green to before hitting choppy waters.

Off the back of a 6.94% rally on Tuesday, Ethereum struck a Thursday intraweek high $197.93 before falling back to sub-$180.

The rally saw Ethereum break through the first major resistance level at $186.97 and second major resistance level at $197.20.

After a bullish start to the day on Saturday, a reversal later in the day limited the upside for the week.

For the week ahead

Ethereum would need to move through to $182 levels to support a run at the first major resistance level at $196.03.

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

Barring a broad-based crypto rally, the first major resistance level and last week’s high $197.93 would limit any upside.

In the event of a crypto breakout, Ethereum could visit $200 levels before any pullback.

Failure to move through to $182 levels could see Ethereum hit reverse. A fall through to $175 levels would bring the first major support level at $165.6 into play before any recovery.

Barring an extended sell-off through the week, Ethereum should steer clear of sub-$160 support levels.

At the time of writing, Ethereum was up by 0.41% to $180.59.

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