Altcoins Weekly Analysis – BNB, EOS and ETH – 22/09/19

While Ethereum broke out last week, it’s a bearish start to the week, as the bulls face an uphill battle to return to June highs…
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Binance Coin

Binance Coin slipped by 0.14% in the week ending 21st September. Following on from a 6.67% slide from the previous week, Binance Coin ended the week at $20.97.

The weekly loss reversed a first weekly gain in 4-weeks, which had come off the back of a 24.24% loss in August.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $19.81 before finding support.

Steering clear of the first support level at $19.49 and 62% FIB of $19, Binance Coin rallied to a Wednesday intraweek high $23.27.

A 2nd consecutive day in the green saw Binance Coin break through the first major resistance level at $22.64.

It was bearish for the rest of the week, however, with Binance Coin seeing three consecutive days in the red to close out the week back at sub-$21 levels.

For the bulls, a 0.14% losses would have been considered modest when considering the fact that Binance Coin only saw green on 2 days in the week.

For the week ahead

A move through to $21.40 levels in the early part of the week would support a run at the first major resistance level at $22.89.

Binance Coin would need support from the broader market, however, to break through to $22 levels.

Barring a broad-based crypto rally, Binance Coin would likely fall well short of the second major resistance level at $24.81.

Failure to move through to $21.40 levels could see Binance Coin spend a third consecutive week in the red. A fall through to sub-$20.20 levels would bring first major support level at $19.43 into play.

In the event of an extended sell-off, Binance Coin will likely test support at the 62% FIB of $19.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $17.89.

At the time of writing, Binance Coin was down by 2.04% to $20.54

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EOS

EOS slipped by 0.72% in the week ending 21st September. Following a 13.03% rally from the previous week, EOS ended the week at $4.0111.

A mixed start to the week saw EOS rise from a Monday low $3.9545 to Tuesday intraweek high $4.24 before hitting reverse.

Steering clear of the major support levels, EOS came within range of the first major resistance level at $4.2621.

The reversal saw EOS fall to a Thursday intraweek low $3.8202. Holding above the first major support level at $3.6665, EOS managed to recover to $4.00 levels to limit the downside on the week.

4 days in the green were not enough to support a 3rd consecutive week in the green, with a 2.85% slide on Thursday doing the damage.

For the week ahead

EOS would need to move through to $4.0240 levels support a run at the first major resistance level at $4.2273.

Support from the broader market would be needed, however, for EOS to break out from $4.10 levels.

In the event of another broad-based crypto rally, EOS could test the second major resistance level at $4.4436 before any pullback.

Failure to move through to $4.0240 levels could see EOS fall for a 2nd consecutive week. A fall back through to sub-$3.90 levels would bring the first major support level at $3.8075 into play.

In the event of an extended sell-off, the second major support level at $3.6040 would likely to come into play before any recovery.

At the time of writing, EOS was down by 2.07% to $3.9280.

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Ethereum

Ethereum rallied by 13.77% in the week ending 21st September. Following on from a 6.05% gain from the previous week, Ethereum ended the week at $214.8.

Ethereum saw green for 5 consecutive days in a particularly bullish week. Steering clear of the major support levels, Ethereum rallied from a Sunday intraweek low $186.3 to a Thursday intraweek high $224.71.

Ethereum broke through the first major resistance level at $194.21 and second major resistance level at $199.58 by Tuesday. The continued upward momentum mid-week saw Ethereum break through the third major resistance level at $215.20.

It was a relatively bearish end to the week, however, with Ethereum seeing red for 2 consecutive days. The pullback saw Ethereum fall back through the third major resistance level.

For the week ahead

Steering clear of sub-$209 levels would support a run at last week’s high $224.71.

Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $230.91.

Barring a broad-based crypto rally, however, we would expect Ethereum to be pinned back by last week’s high of $224.71.

Failure to steer clear of sub-$209 levels could see Ethereum hit reverse. A fall through to sub-$200 would bring the first major support level at $192.50 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 levels and last week’s low $186.3

At the time of writing, Ethereum was down by 2% to $210.5.

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