Altcoins Weekly Analysis – BNB, EOS and ETH – 29/09/19

Following a particularly bearish week, the majors are back in the red this morning. Failure to move through to key levels could prove painful for the bulls…
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Binance Coin

Binance Coin slid by 24.79% in the week ending 28th September. Following on from a 0.14% decline from the previous week, Binance Coin ended the week at $15.75.

A particularly bearish week saw Binance Coin hit reverse from an early Sunday morning intraweek high $21.

Falling well short of the first major resistance level at $22.89, Binance Coin tumbled to a Thursday intraweek low and new swing lo $14.34.

Four days in the red out of 5 saw Binance fall through the first major support level at $19.43 and second major support level at $17.89.

Of greater significance, however, was a slide through the 62% FIB of $19.

Finding support at the third major support level at $14.43, Binance Coin saw 2 consecutive days in the red to wrap up the week at $15 levels.

A third consecutive week in the red led to a near-term bearish trend formed at June’s swing hi $40.27.

For the week ahead

A move through to $17.0 levels in the early part of the week would support a run at the first major resistance level at $19.72.

Binance Coin would need support from the broader market, however, to break out from Sunday’s high $16.21.

Barring a broad-based crypto rally, Binance Coin would likely fall well short of the 23.6% FIB of $21.

Failure to move through to $17.0 levels could see Binance Coin spend a 4th consecutive week in the red. A fall through to sub-$14 levels would bring first major support level at $13.06 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$13 levels in the week.

At the time of writing, Binance Coin was down by 0.22% to $15.72.

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EOS

EOS slid by 29.21% in the week ending 28th September. Following on from a 0.72% decline from the previous week, EOS ended the week at $2.8394.

A particularly bearish start to the week saw EOS slide from a Sunday intraweek high $4.0163 to a Tuesday intraweek low $2.4001.

Steering clear of the major resistance levels, 3 consecutive days in the red saw EOS slide through the week’s major support levels.

A 25% slide on Tuesday did the damage, with EOS returning to sub-$3.00 levels for the first time since February.

Finding support through the 2nd half of the week, EOS steadied with a move back through to $2.96 levels before easing back.

In a particularly bearish week, EOS failed to break back through the third major support level at $3.1842.

A 2nd consecutive week in the red also reaffirmed the extended bearish trend formed at April 2018’s swing hi $23.03.

For the week ahead

EOS would need to move through to $3.0850 levels support a run at $3.20 levels

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

In the event of a broad-based crypto rally, EOS could test the first major resistance level at $3.7704 before any pullback.

Failure to move through to $3.0850 levels could see EOS fall for a 3rd consecutive week. A fall back through last week’s low $2.4001 would bring the first major support level at $2.1542 into play.

We would expect EOS to steer clear of sub-$2.00 levels in the event of another crypto meltdown, however.

At the time of writing, EOS was down by 0.12% to $2.8359.

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Ethereum

Ethereum slid by 19.07% in the week ending 28th September. Reversing a 13.77% rally from the previous week, Ethereum ended the week at $173.90.

Particularly bearish through the start of the week, Ethereum fell from a Sunday intraweek high $215.45 to a Tuesday low $157.75.

A 3rd consecutive day in the red saw Ethereum tumble 17.2% on Tuesday. The sell-off saw Ethereum fall through the first major support level at $192.50 and second major support level at $170.93.

Following recovery to $175 levels, Ethereum slid back through the second major support level to a Thursday intraweek low $152.11.

Finding support late in the week, Ethereum broke back through the second major support level to cut the deficit for the week.

For the week ahead

Ethereum would need to move through to $180.50 levels to support a run at $200 levels later in the week.

Ethereum would need the support of the broader market, however, to break out from $190 levels.

Barring a broad-based crypto rally, however, we would expect Ethereum to fall well short of the first major resistance level at $208.86.

Failure to move back through to $180.50 levels could see Ethereum take another tumble. A fall back through to sub-$160 levels would bring the first major support level at $145.52 into play.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$140 levels in the week.

At the time of writing, Ethereum was down by 0.12% to $173.70.

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