Altcoins Weekly Analysis – BNB, EOS and ETH – 27/10/19

After a strong rally late last week, it’s a bearish start to the week. Failure to steer clear of key levels could deliver heavy losses through the 1st half of the week.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 4.14% in the week ending 26th October. Following on from a 6.05% gain from the previous week, Binance Coin ended the week at $18.995.

A bullish start to the week saw Binance Coin rise to a Sunday high $19.13, supporting a 1.6% gain before hitting reverse.

Coming within range of the first major resistance level at $19.24, Binance Coin slid to a Wednesday intraweek low $16.05.

3 consecutive days in the red saw Binance Coin fall through the first major support level at $17.16.

Finding support at the second major support level at $16.10, Binance Coin bounced back to a Saturday high $20.76, supported by 3 consecutive days in the green.

The rally saw Binance Coin break through the first major resistance level at $19.24 and second major resistance level at $20.26. In spite of the rally, Binance Coin came up short of the 23.6% FIB of $21.

Pressured by a broad-based reversal on Saturday, Binance Coin slid back to sub-$18 levels before recovering to end the day in the green.

For the week ahead

Binance Coin would need to steer clear of sub-$18.60 levels to support a run at the first major resistance level at $21.15 and 23.6% FIB of $21.

Support from the broader market would be needed, however, for Binance Coin to break back through to $20 levels.

In the event of a broad-based crypto rally, Binance Coin could visit $22 levels before any pullback.

We would expect Binance Coin to fall well short of the second major resistance level at $23.31, however.

Failure to steer clear of sub-$18.60 levels could see Binance Coin test the first major support level at $16.43.

Barring an extended sell-off through the week, however, we would expect Binance Coin to steer clear of sub-$16 support levels.

At the time of writing, Binance Coin was down by 1.76% to $18.66.

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EOS

EOS rallied by 9.18% in the week ending 26th October. Reversing a 6.24% slide from the previous week, EOS ended the week at $3.1464.

Relatively range-bound through the start of the week, EOS rose to a Tuesday high $3.0366 before hitting reverse.

Falling short of the first major resistance level at $3.1542, EOS slid to a Wednesday intraweek low $2.5322.

EOS fell through the first major support level at $2.6619 before finding support from a broad-based crypto rally.

Off the back of the broad-based crypto rally, EOS struck an early Saturday intraweek high $3.5759.

EOS broke through the first major resistance level at $3.1542 and second major resistance level at $3.4254 before sliding back to sub-$3.0 levels

Support late in the day on Saturday led to a move back through to $3.10 levels to deliver the upside for the week.

For the week ahead

EOS would need to steer clear of sub-$3.00 levels to support a run at the first major resistance level at $3.6375.

Support from the broader market would be needed, however, for EOS to break out from $3.30 levels.

Barring an extended rally through the week, EOS would likely come up short of last week’s high $3.5759.

Failure to steer clear of sub-$3.00 levels could see EOS hit reverse. A fall through to sub-$2.80 levels would bring the first major support level at $2.5938 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 1.22% to $3.1080.

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Ethereum

Ethereum rose by 4.64% in the week ending 26th October. Reversing a 4.27% fall from the previous week, Ethereum ended the week at $180.03.

Tracking the broader market, Ethereum rose to a Monday high $178 before hitting reverse.

Falling short of the first major resistance level at $184.33, Ethereum fell to a Wednesday intraweek low $153.0 before finding support from the broader market.

Ethereum fell through the first major support level at $164.09 and the second major support level at $156.10.

Off the back of a broad-based crypto rally, Ethereum rallied to a Saturday intraweek high $199.5 before sliding back.

Ethereum broke through the first major resistance level at $184.33 and the second major resistance level at $196.58.

A pullback on the day saw Ethereum slide back to $173 levels before recovering to $180 levels late in the day.

For the week ahead

Ethereum would need to steer clear of sub-$177.5 levels to support a run at $200 levels.

Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels.

Barring a broad-based crypto rally, Ethereum would likely come up short of last week’s high $199.5.

In the event of a crypto breakout, the first major resistance level at $202.02 would likely limit any upside in the week.

Failure to steer clear of sub-$177.5 levels could see Ethereum hit reverse. A fall through to sub-$170 levels would bring the first major support level at $155.52 into play before any recovery.

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

At the time of writing, Ethereum was down by 0.69% to $178.79.

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