Altcoins Weekly Analysis – ETH, IOT, NEO – 06/01/19

It’s a bearish start to the week for the majors, a recovery by mid-week needed to avoid heavier losses and slide through the week’s major support levels.
altcoins

Ethereum

Ethereum rallied by 14.77% in the week ending January 5th, following on from a previous week 15.55% bounce, to end the week at $154.21.

Another bullish week and an upbeat start to the year saw Ethereum rally from a relatively range-bound start to the week and a week low $128.3 to an end of week high $160.62 before easing back through the last day of the week

Through the week, Ethereum steered clear of the week’s major support level at $111, while breaking through the week’s major resistance level at $158.35 to hit $160 levels for the first time since the week of 19th November.

For the week ahead, a hold onto $150 levels through the early part of the week will be key to avoiding a sell-off, with Ethereum needing to move back through to last week’s high $160.62 to bring the week’s first major resistance level at $167 and $170 levels into play before any pullback.

Failure to move back through to $160 levels could see Ethereum hit reverse, with a pullback through $147 bringing sub-$140 levels and the week’s first major support level at $134.8 into play before any recovery, sub-$130 support levels unlikely to be in play in the event of a reversal.

At the time of writing, Ethereum was down 1.72% to $151.56.

IOTA

IOTA gained 3.49% in the week ending 5th January, following on from a 2.22% rise the previous week, to end the week at $0.3739.

A bullish first half of the week saw IOTA rise from an early intraweek low $0.3511 to an intraweek high $0.4081 on Wednesday before hitting reverse, IOTA breaking through the week’s first major resistance level at $0.4002, whilst steering clear of the major support levels.

The reversal saw IOTA spend the last 3 days of the week in the red eating, into the week’s gains and reaffirming the extended bearish trend formed at early May’s swing hi $2.6977.

For the week ahead, a move back through to $0.38 levels would support a run at $0.40 levels and the week’s first major resistance level at $0.4043, with bearish sentiment across the broader market at the start of the week needing to reverse and IOTA needing to hold onto $0.36 levels to avoid a week in the red.

Failure to move back through to $0.38 levels by mid-week could see IOTA slide back through last week’s $0.3511 low to bring the week’s first major support level at $0.3178 into play before any recovery, sub-$0.30 support levels unlikely to be in play through the week, barring a crypto meltdown.

At the time of writing, IOT was down 1.5% to $0.3683.

NEO

NEO slipped by 0.99% in the week ending 5th January to end the week at $8.00, a relatively flat week consolidating an 11.11% gain from the previous week.

The relatively range bound week saw NEO fall from an intraweek high $8.46 to an early in the week intraweek low $7.52 before finding support, NEO steering clear of the week’s major support and resistance levels

Recovering mid-week, NEO moved back through to $8.00 levels and a relatively range bound 2nd half of the week that saw NEO find plenty of support at sub-$8.00 levels to avoid heavier losses.

For the week ahead, a move back through to $8.00 levels would support a run at the week’s first major resistance level at $8.47, with a broad based cryptomarket rally needed to bring the second major resistance level at $8.93 into play before any pullback, $9.00 levels unlikely to be in play through the week.

Failure to move back through to $8.00 levels could see NEO pullback deeper into the red, with a fall through the week’s first major support level at $7.5267 bringing the second major support level at $7.053 into play before any recovery, sub-$7.00 levels unlikely to be in play through the week.

At the time of writing, NEO was down 0.42% to $7.79.

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