Altcoins Weekly Analysis – BNB, EOS and ETH – 04/08/19

In a bearish start to the week, the majors will need to avoid key levels to eye resistance levels in the week ahead.
Cryptomania

Binance Coin

Binance Coin rose by just 0.25% in the week ending 3rd August. Following an 11.04% slide in the previous week, Binance Coin ended the week at $27.76.

A bearish first half of the week saw Binance Coin fall to a Tuesday intraweek low $26.13 before finding support.

Steering well clear of the first major support level at $25.24, Binance Coin bounced back to a Thursday intraweek high $28.95.

Whilst falling well short of the first major resistance level at $31.67, Binance Coin broke back through the 38.2% FIB of $28.

Following 3 consecutive days in the green, a bearish end to the week left Binance Coin with 2 consecutive days in the red.

The pullback led to a fall back through the 38.2% FIB of $28 to $26 levels on Saturday before moving back to $27 levels to close out the week in the green.

For the week ahead

A move back through to $27.61 levels would support a run at the first major resistance level at $29.10 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 $27.61 levels could see Binance Coin slide back into the red for the week. A fall through to $26 levels would bring the first major support level at $26.27 into play.

Barring an extended crypto sell-off in the week, Binance Coin should steer clear of the second major support level at $24.79.

At the time of writing, Binance Coin was down by 1.61% to $27.31.

EOS

EOS rose by 0.33% in the week ending 3rd August. Partially reversing a 0.91% fall from the previous week, EOS ended the week at $4.2866.

A bearish start to the week saw EOS slide to a Sunday intraweek low $3.8675 before finding support.

Steering clear of the first major support level at $3.5308, EOS recovered to a Wednesday intraweek high $4.4484.

In spite of the recovery, EOS came up short of the first major resistance level at $4.8623 before easing back to $4.04 levels on Friday.

A 2.5% rally on Saturday was needed to reverse losses on the week that stemmed from 4 days in the red out of the 7.

For the week ahead

Holding above $4.2000 would support a run at the first major resistance level at $4.5342.

EOS would need the support of the broader market, however, to break out from last week’s high $4.4484.

Barring a broad-based crypto rally, EOS would likely continue to fall short of $5.00 levels. That would make it 4 consecutive weeks at sub-$5.00 levels.

In the event of a crypto rebound, a breakthrough the second major resistance level at $4.7817 would bring $5.00 levels into play.

Failure to hold above $4.2000 would bring sub-$4.00 levels back into play.

Barring a crypto meltdown, the first major support level at $3.9533 and last week’s low $3.8675 should limit any downside on the week.

In the event of a crypto meltdown, the second major support level at $3.6199 could come into play.

At the time of writing, EOS was down by 1.72% to $4.2129.

Ethereum

Ethereum rallied by 7.26% in the week ending 3rd August. Reversing most of a 9.5% gain from the previous week, Ethereum ended the week at $207.11.

A choppy start to the week saw Ethereum fall to a Sunday intraweek low $197. Recovering from the sell-off, Ethereum bounced back with a 2.12% gain on the day.

In spite of the early pullback, Ethereum steered clear of the first major support level at $195.12.

Following 2 consecutive days in the red, Ethereum found support through the 2nd half of the week. Ethereum hit a Saturday intraweek high $224.81 before easing back.

Ethereum came up against the week’s first major resistance level at $224.47 to limit the upside on the day.

For the week ahead

Holding above $214.7 levels in the early part of the week would support a run at the first major resistance level at $232.30.

Ethereum would need the support of the broader market, however, to take a run at the second major resistance level at $242.46.

Barring a broad-based crypto rally, Ethereum would likely continue to fall short of the 23.6% FIB of $257. That would leave Ethereum at sub-$300 levels for a 4th consecutive week.

Failure to hold above $214.7 levels could see Ethereum hit reverse.

A fall back through to sub-$210 would bring the first major support level at $204.49 into play.

Barring a crypto meltdown, Ethereum should steer well clear of the first major support level at $186.84.

At the time of writing, Ethereum was down by 1.63% to $218.52.

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