Altcoins Weekly Analysis – BNB, EOS and ETH – 16/06/19

The crypto bulls will be looking for another bullish week ahead. Holding onto current levels at the start of the week will be key…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin rose by 3.05% in the week ending 15th June. Partially reversing a 4.48% loss from the previous week, Binance Coin ended the week at $32.811.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $29.61 before finding support.

Whilst steering clear of the first major support level at $28.46, Binance Coin fell through the 23.6% FIB of $30.5.

Recovering through the week, Binance Coin rallied to a Thursday intraweek high $36.52 before taking a hit on Friday.

The mid-week rally saw Binance Coin break back through the 23.6% FIB and first major resistance level at $34.82.

A 7.9% slide on Friday saw Binance Coin fall back through the 23.6% FIB to $29 levels before finding support on Saturday.

For the week ahead,

A hold onto $33 levels through the early part of the week would support continued recovery of late May and early June’s losses.

Support from the broader market would bring the first major resistance level at $36.35 into play before any pullback.

Barring a broad-based crypto rally, however, the first major resistance level and last week’s high $36.52 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through May’s swing hi $38.646 would bring the second major resistance level at $39.89 into play.

Failure to hold onto $33 levels could see Binance Coin hit reverse. A pullback through to $31.5 levels would bring the first major support level at $29.44 into play.

Barring a crypto meltdown, Binance Coin would likely steer clear of sub-$29 support levels on the week.

At the time of writing, Binance Coin was 1.45% to $33.29.

EOS

EOS gained 8.29% in the week ending 15th June. Partially reversing a 17.3% tumble from the previous week, EOS ended the week at $6.9111.

Bearish through the start of the week, EOS fell to a Sunday intraweek low $6.00 before finding support.

Holding well above the first major support level at $5.5282, EOS rallied to a Saturday intraweek high $6.9731 before easing back.

A week-long rally saw EOS break back through the 23.6% FIB of $6.62. In spite of the upward trend, EOS fell short of the week’s first major resistance level at $7.61.

For the week ahead,

A hold above the 23.6% FIB of $6.62 through the early part of the week would support a bullish week ahead.

EOS would need to hold onto $6.9 levels through today to support a move back through to $7.00 levels. Support from the broader market would be needed, however, for EOS to take a run at the first major resistance level at $7.26.

Barring a crypto rally, resistance at $7.00 could limit the upside through much of the week. In the event of a crypto breakout, EOS could touch $8.00 levels before any pullback.

Failure to hold above the 23.6% FIB of $6.62 could see EOS take another weekly loss. A pullback through to $6.40 levels would bring the first major support level at $6.28 into play.

Barring an extended crypto sell-off, however, EOS would likely continue to steer clear of sub-$6.00 levels.

At the time of writing, EOS was up 0.64% to $6.955.

Ethereum

Ethereum rallied by 10.23% in the week ending 15th June. Reversing a 7.71% fall from the previous week, Ethereum ended the week at $269.29.

Tracking the broader market, Ethereum fell to a Sunday intraweek low $226.56 before finding support.

The pullback saw Ethereum test the first major support level at $226.62 before rallying to a Saturday intraweek high $273.3.

Ethereum broke through the 23.6% FIB of $257 and first major resistance level at $268.37 before easing back to sub-$270 levels.

For the week ahead,

A hold onto $270 levels through the early part of the week would support a run at $280 levels later in the week.

Ethereum would need support from the broader market, however, to break out from $275 levels. Barring a crypto rally, last week’s high $273.3 and the previous week’s high $274.75 would likely cap the upside on the week.

In the event of a crypto rally, a move through to $280 levels would bring May 2018’s swing hi $282.97 and the first major resistance level at $286.21 into play.

Failure to hold onto $270 levels could see Ethereum pullback to $250 levels. A fall through the 23.6% FIB of $257 would bring the first major support level at $239.47 into play before any recovery.

Barring a crypto meltdown, Ethereum would likely steer clear of sub-$230 support levels on the week.

At the time of writing, Ethereum was up 0.84% to $271.55.

Most Recent

Top Articles

Popular

10360.3
+366.49
+3.66714%
180.05
+3.9600
+2.24885%
0.2551
+0.0025
+0.98971%
300.11
+5.4000
+1.83231%
EOSEOS
3.7690
+0.0930
+2.52992%
69.620
+0.6400
+0.92781%