Altcoins Weekly Analysis – BNB, EOS and ETH – 23/06/19

The bulls are in control going into the week as the majors return to levels not seen since early 2018 highs.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin surged by 15.8% in the week ending 22nd June. Following on from a 3.05% gain from the previous week, Binance Coin ended the week at $38.04.

A bearish start the week saw Binance Coin fall to a Sunday intraweek low $30.72 before finding support.

While steering clear of the first major support level at $29.44, Binance Coin found support at the 23.6% FIB of $30.5.

Bullish through the rest of the week, Binance Coin rallied to a Saturday intraweek high and new swing hi $43.28.

The rally saw Binance Coin break through the first major resistance level at $36.35 and second major resistance level at $39.89.

A pullback on Saturday to end the week at $38 levels delivered a 2nd day in the red for the week.

For the week ahead

A hold onto $38 levels through the early part of the week would support a third consecutive week in the green.

Support from the broader market would bring the first major resistance level at $43.68 into play before any pullback.

Barring a broad-based crypto rally, however, the first major resistance level and last week’s high $43.68 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through last week’s swing hi $43.28 would bring the second major resistance level at $49.33 into play.

Failure to hold onto $38 levels could see Binance Coin hit reverse. A pullback through to $36 levels would bring the first major support level at $31.99 into play.

Barring a crypto meltdown, Binance Coin would likely steer clear of sub-$30 support levels on the week.

At the time of writing, Binance Coin was 0.71% to $38.31.

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EOS

EOS rallied by 8.59% in the week ending 22nd June. Following on from an 8.29% rise from the previous week, EOS ended the week at $7.51.

A bullish start to the week saw EOS rise to $7.2691 before falling to an intraweek low $6.6462 on Tuesday.

The early moves saw EOS break through the first major resistance level at $7.2561 whilst steering clear of the major support levels.

EOS did find support at the 23.6% FIB of $6.62, however, before a bullish end to the week.

A late in the week rally saw EOS break back through the first major resistance level at $7.2561 to a Saturday intraweek high $7.6254.

For the week ahead,

EOS would need to steer clear of sub-$7.30 levels in the week to also support a 3rd consecutive day in the green.

A move through last week’s high $7.6254 would bring the first major resistance level at $7.8749 into play before any pullback.

EOS would need support from the broader market, however, to break through to $8.00 levels.

Barring a broad-based crypto rally, EOS would likely fall short of the second major resistance level at $8.2397.

In the event of another breakout, EOS could come within reach of $9.00 levels before any pullback.

A fall through to $7.2 levels would bring the first major support level at $6.8957 into play before any recovery.

Barring a broad-based crypto sell-off, EOS should steer clear of the 23.6% FIB of $6.62

In the event of a sell-off, EOS could touch $6.50 levels before any recovery.

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

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Ethereum

Ethereum rallied by 14.57% in the week ending 22nd June. Following on from a 10.23% gain from the previous week, Ethereum ended the week at $308.49.

A bearish start to the week saw Ethereum fall to an intraweek low $261.00 on Tuesday before finding support.

Steering clear of the major support levels and 23.6% FIB of $257.00, Ethereum rallied to an intraweek high $315.54.

4-consecutive days saw Ethereum break through the first major resistance level at $286.21 and second major resistance level at $303.12.

For the week ahead,

A hold onto $300 levels through the early part of the week would support a run at $330 levels later in the week.

Ethereum would need support from the broader market, however, to break out from last week’s high $315.54.

Barring a crypto rally, last week’s high $315.54 would likely cap the upside on the week.

In the event of a broad-based crypto rally, a move through to $320 levels would bring the first major resistance level at $329.02 into play.

Failure to hold onto $300 levels could see Ethereum fall through to $280 levels before any recovery.

Barring a broad-based crypto sell-off, Ethereum should steer clear of the first major support level at $274.48 before any recovery.

In the event of a sell-off, Ethereum would likely visit $260 levels before any recovery.

At the time of writing, Ethereum was up 1.64% to $313.54.

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