Altcoins Weekly Analysis – BNB, EOS and ETH – 28/07/19

It was another bearish end to the week. A move through to key levels early in the week would support upside in the week ahead.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin tumbled by 11.04% in the week ending 27th July. Following on from a 1.27% fall from the previous week, Binance Coin ended the week at $27.73.

A choppy start to the week saw Binance Coin fall by 2.1% on Sunday before bouncing back to a Monday intraweek high $33.13.

Falling well short of the first major resistance level at $35.07, Binance Coin slid to a Saturday intraweek low $26.70.

Whilst steering clear of the first major support level at $25.43, Binance Coin fell through the 38.2% FIB of $28.0.

4-days in the red through the week did the damage, with a 1.17% gain on Monday the largest upswing in the week.

For the week ahead

A move through to $29.20 levels would support a run at the first major resistance level at $31.67 later in the week.

Binance Coin would need the support of the broader market, however, to break out from the 38.2% FIB of $28.

Barring a broad-based crypto rebound, the 38.2% FIB and first major resistance level would likely limit any upside on the week.

Failure to move through to $29.2 levels could see Binance Coin lose more ground in the week. A fall through last week’s low $26.7 would bring the first major support level at $25.24 into play.

Barring an extended crypto sell-off in the week, Binance Coin should steer clear of the second major support level at $22.76.

At the time of writing, Binance Coin was down by 0.71% to $27.54.

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EOS

EOS fell by 0.91% in the week ending 27th July. Following on from an 8.98% slide from the previous week, EOS ended the week at $4.2649.

A mixed start to the week saw EOS reverse minor gains from Sunday to fall to a Monday intraweek low $3.9342.

Steering well clear of the first major support level at $3.4871, EOS bounced back to a Saturday intraweek high $4.7753.

In spite of 4-days in the green for the week, a particularly bearish Saturday left EOS in the red for the week. After striking an intraweek high in the early hours of Saturday, EOS tumbled by 7.8% on the day.

For the week ahead

Holding above $4.13 levels would support a run at the first major resistance level at $4.8623.

EOS would need the support of the broader market, however, to break out from last week’s high $4.7257.

Barring a broad-based crypto rally, EOS would likely fall short of $5.00 levels for a 3rd consecutive week.

In the event of a crypto rebound, the second major resistance level at $5.4598 would likely limit the upside on the week.

Failure to hold onto $4.13 levels would bring sub $4.00 levels back into play.

Barring a crypto meltdown, the first major support level at $3.5308 and last week’s low $3.3942 should limit any downside on the week.

In the event of a crypto meltdown, EOS could test the second major support level at $2.7968 before any recovery.

At the time of writing, EOS was up by 0.44% to $4.2837.

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Ethereum

Ethereum slid by 9.50% in the week ending 27th July. Following on from a 14.91% tumble from the previous week, Ethereum ended the week at $207.11.

Another bearish week saw Ethereum fall from a Sunday intraweek high $229.85 to a Wednesday intraweek low $200.5.

Falling well short of the first major resistance level at $269.24, Ethereum tested support at $200 before recovering to $220 levels.

A particularly bearish end to the week saw Ethereum slide back to $202 levels on Saturday before wrapping up the week at $207 levels.

Ethereum steered well clear of the first major support level at $189.33 in spite of the reversal.

Of greater significance was a hold onto $200 levels…

For the week ahead

A move through to $213 levels in the early part of the week would support a run at the first major resistance level at $224.47.

Ethereum would need the support of the broader market, however, to take a run at the 23.6% FIB of $257.

Barring a broad-based crypto rebound, Ethereum would likely fall well short of $300 levels for a 3rd consecutive week.

The second major resistance level at $241.84 and 23.6% FIB of $257 would likely limit any upside on the week.

Failure to move through to $213 levels could see Ethereum take another weekly loss.

A fall back through to last week’s low $200.5 would bring the first major support level at $195.12 into play.

Barring a crypto meltdown, Ethereum should steer clear of sub-$190 support levels on the week.

At the time of writing, Ethereum was up by 1.36% to $209.93.

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