Altcoins Weekly Analysis – BNB, EOS and ETH – 24/11/19

After last week’s crypto meltdown, a move through to key levels in the early part of the week is going to be needed to restore confidence…
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Binance Coin

Binance Coin tumbled by 19.3% in the week ending 23rd November. Reversing a 2.34% from the previous week, with interest, Binance Coin ended the week at $16.27

A relatively bullish start to the week saw Binance Coin strike a Sunday intraweek high $20.44 before hitting reverse.

Rising by just 0.09% on Sunday, however, Binance Coin fell well short of the week’s first major resistance level at 21.45.

The reversal saw Binance Coin fall for five consecutive days, leading to a Friday intraweek low $14.86.

Binance Coin slid through the week’s major support levels before finding much-needed support on Saturday.

Rallying by 4.97% on the day, Binance Coin broke back through the third major support level at $16.10 to reduce the deficit for the week.

For the week ahead

Binance Coin would need to move through to $17.20 levels to support a run at the first major resistance level at $19.52.

Support from the broader market would be needed for Binance Coin to break out from $18 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $19 levels and the first major resistance level.

In the event of a breakout, Binance Coin could return to $20 levels before any pullback.

Holding onto $16 levels at the start of the week will be key to avoiding another sell-off.

Failure to move through to $17.20 levels would likely see Binance Coin spend a 2nd consecutive week in the red.

A fall back through to last week’s low $14.86 would bring the first major support level at $13.94 into play.

Barring another crypto meltdown, Binance Coin should steer clear of sub-$13 support levels.

At the time of writing, Binance Coin was up by 0.04% to $16.27.

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EOS

EOS slumped by 20.3% in the week ending 23rd November. Following on from a 3.13% fall from the previous week, EOS ended the week at $2.6963.

Tracking the broader market, EOS eked out a 0.64% gain on Sunday, hitting an intraweek high $3.4515 before hitting reverse.

Falling well short of the first major resistance level at $3.6193, EOS fell through to a Friday intraweek low $2.4641.

The sell-off saw EOS fall through the week’s major support levels before a partial recovery on Saturday.

Finding support from the broader market on Saturday, EOS broke back through the third major support level at $2.6465.

A 2.65% gain on the day was of little consolation for the crypto bulls, however.

For the week ahead

EOS would need to move through to $2.87 levels to support a run at the first major resistance level at $3.2772.

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

Barring a broad-based crypto rally in the week, resistance at $3.00 would likely cap any upside on the week.

Failure to move through to $2.87 levels could see EOS spend a 3rd consecutive week in the red.

A fall back through last week’s low $2.4641 would bring the first major support level at $2.2898 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.00 levels

At the time of writing, EOS was down by 1.38% to $2.6592.

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Ethereum

Ethereum slid by 16.59% in the week ending 23rd November. Following on from a 1.36% loss from the previous week, Ethereum ended the week at $152.00.

A relatively bullish start to the week saw Ethereum rise to Sunday intraweek high $186.26. In spite of a 0.89% gain on the day, Ethereum came up short of the first major resistance level at $187.56.

Pressured by a broad-based crypto meltdown, Ethereum tumbled to a Friday intraweek low $137.8.

Five consecutive days in the red saw Ethereum slide through the week’s major support levels before finding support.

In spite of a move back through to $150 levels, Ethereum failed to break back through the third major support level at $161.00.

For the week ahead

Ethereum would need to move through to $159 levels to support a run at $170 levels later in the week.

Support from the broader market would be needed, however, for Ethereum to break out from $160 levels.

Barring an extended crypto rally, Ethereum would likely fall well short of the first major resistance level at $179.57.

In the event of a crypto breakout, a visit to $170 levels would likely be as good as it gets.

Failure to move through to $159 could see Ethereum hit reverse in the week.

A pullback to sub-$150 levels would bring the first major support level at $131.11 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$130 levels in the week.

At the time of writing, Ethereum was down by 0.53% to $151.20.

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