Altcoins Weekly Analysis – BNB, EOS and ETH – 25/08/19

It’s a quiet start to the week for the majors. With a bearish August nearing its end, can the majors bounce back to set up a bullish September?
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 4.15% in the week ending 24th August. Following on from a 7.1% slide from the previous week, Binance Coin ended the week at $26.35.

Another bullish start to the week saw Binance Coin rally to a Sunday intraweek high $29.38 before hitting reverse.

In spite of the start of the week rally, Binance Coin came up short of $30 levels and the first major resistance level at $30.63.

While falling short of the major resistance levels, the Sunday rally saw Binance Coin break through the 38.2% FIB of $28.

Following a 3.2% rally on Sunday, Binance Coin saw two consecutive days of heavy losses. The reversal saw Binance Coin slide back through the 38.2% FIB of $28 to $25 levels and into the red.

A third sell-off on Saturday dragged Binance Coin deeper into the red. The sell-off saw Binance Coin fall to an intraweek low $25.79 before recovering to $26 levels.

In spite of the reversal, Binance Coin steered clear of the week’s first major support level at $25.

For the week ahead

A move through to $27.20 levels would support a run at the 38.2% FIB of $28 in the early part of the week.

Binance Coin would need the support of the broader market, however, to break out from the first major resistance level at $28.56.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $29.38 would likely leave Binance Coin short of $30 levels.

In the event of a breakout, Binance Coin test the second major resistance level at $30.76 before any pullback. We would expect Binance Coin to continue to come up well short of the 23.6% FIB of $34 on the week.

Failure to move back through $27.2 levels could see Binance Coin spend another week in the red. A fall through last week’s low $25.79 would bring the first major support level at $25.00 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of sub-$24 support levels on the week.

At the time of writing, Binance Coin was down by 0.07% to $23.33

EOS

EOS rose by 2.74% in the week ending 24th August. Partially reversing a 12.45% tumble from the previous week, EOS ended the week at $3.6661.

A relatively bullish start to the week saw EOS strike a late Sunday intraweek high $3.8013 before hitting reverse.

Falling short of the first major resistance level at $4.1134, EOS stumbled to a Tuesday intraweek low $3.3574.

In spite of the reversal, EOS steered clear of the first major support level at $3.1608, supporting a move back to $3.77 levels on Friday.

A broad-based crypto reversal on Saturday left EOS back at $3.6 levels to limit the upside for the week.

For the week ahead

A move back through to $3.7 levels would support a run at the first major resistance level at $3.8591. EOS would need the support of the broader market, however, to break out from last week’s high $3.8013.

Barring a broad-based crypto rally, EOS would fall well short of the second major resistance at $4.0522.

Failure to move through to $3.7 levels could see EOS fall back into the red. A pullback through to sub- $3.6 levels would bring the first major support level at $3.42 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.16 and sub-$3.00 levels.

At the time of writing, EOS was down by 0.21% to $3.6586.

Ethereum

Ethereum gained 2.86% in the week ending 24th August. Partially reversing a 9.96% slide from the previous week, Ethereum ended the week at $190.89.

Tracking the broader market early on, Ethereum rallied by 3.9% last Sunday to a Sunday intraweek high $203.91.

Falling well short of the first major resistance level at $211.11, Ethereum saw 2 consecutive days in the red. A 4.7% tumble on Tuesday saw Ethereum fall to an intraweek low $180 before finding support.

Steering well clear of the first major support level at $165.53, Ethereum bounced back to $196 levels before a Saturday pullback.

For the week ahead

A move through to $191.6 levels would signal a return to $200 levels in the week. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $203.2.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $203.91 would likely limit any upside.

In the event of a broad-based crypto rally, the second major resistance level at $215.51 would likely come into play.

Failure to move through to $191.6 levels could see Ethereum test the first major support level at $179.29.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$170 support levels.

At the time of writing, Ethereum was down by 0.21% to $190.49.

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