Altcoins Weekly Analysis – BNB, EOS and ETH – 20/10/19

It was a mixed week for the majors last week. Expect more volatility in the week ahead. Can Binance Coin find more support of the back of last week’s trend bucking gain?
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 6.05% in the week ending 19th October. Following on from a 9.28% rally from the previous week, Binance Coin ended the week at $17.19.

A bullish start to the week saw Binance Coin rise to a Tuesday intraweek high $19.19 before easing back.

Off the back of 3 consecutive days in the green, Binance Coin broke through the first major resistance level at $18.59.

A Wednesday sell-off saw Binance Coin slide back to $17.2 levels before finding support.

Steering clear of the major support levels throughout the week, Binance Coin moved back to $18 levels to deliver the upside for the week.

For the week ahead

Binance Coin would need to move through to $18.20 levels to support a run at the first major resistance level at $19.24.

Support from the broader market would be needed, however, for Binance Coin to break through to $19 levels.

In the event of a broad-based crypto rally, Binance Coin could visit $20 levels before any pullback. We would expect the second major resistance level at $20.26 to limit any upside in the week, however.

Failure to move through to $18.20 levels could see Binance Coin test the first major support level at $17.16.

Barring an extended sell-off through the week, however, we would expect Binance Coin to steer clear of the second major support level at $16.10.

At the time of writing, Binance Coin was down by 0.90% to $18.07.

[fx-image src=https://www.tradingview.com/x/8BoJSJOC/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/8BoJSJOC/]

EOS

EOS slid by 6.24% in the week ending 19th October. Reversing a 2.55% gain from the previous week, EOS ended the week at $2.8830.

A bullish start to the week saw EOS rise to a Monday intraweek high $3.2043 before hitting reverse.

Falling well short of the first major resistance level at $3.3478, EOS slid back to a Friday intraweek low $2.7120.

The reversal saw EOS fall through the first major support level at $2.8286 before finding support.

4 days in the red out of 7 left EOS at sub-$3.00 levels for the week, with a 6.3% slide on Tuesday doing the damage.

For the week ahead

EOS would need to move through to $2.950 levels to support a run at the first major resistance level at $3.1542.

Support from the broader market would be needed, however, for EOS to break through to $3.00 levels.

Barring an extended rally through the week, the first major resistance level and last week’s high $3.2043 would likely cap any upside.

Failure to move through to $2.950 levels could see EOS hit reverse. A fall through to sub-$2.80 levels would bring the first major support level at $2.6619 into play.

Barring a crypto meltdown, EOS should steer clear of sub-$2.5 support levels in the week.

At the time of writing, EOS was down by 0.98% to $2.8601.

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Ethereum

Ethereum fell by 4.27% in the week ending 19th October. Reversing a 1.78% gain from the previous week, Ethereum ended the week at $172.09.

Tracking the broader market, Ethereum rose to a Tuesday intraweek high $188.58. In spite of 2 consecutive days in the green, Ethereum fell short of the first major resistance level at $196.03.

Bearish through the rest of the week, Ethereum fell to a Friday intraweek low $168.34.

Holding above the first major support level at $165.60, Ethereum recovered to $172 levels to limit the loss for the week.

For the week ahead

Ethereum would need to move through to $176.5 levels to support a run at the first major resistance level at $184.33.

Support from the broader market would be needed, however, for Ethereum to break back through to $180 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $188.58 would limit any upside.

In the event of a crypto breakout, Ethereum could visit $190 levels before any pullback.

Failure to move through to $176.5 levels could see Ethereum hit reverse. A fall through to $168 levels would bring the first major support level at $164.09 into play before any recovery.

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

At the time of writing, Ethereum was down by 0.91% to $170.52.

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