Altcoins Weekly Analysis – BNB, EOS and ETH – 11/08/19

After a choppy week, the majors will need to find support to avoid sliding back through key support levels. It’s getting bearish…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin gained 6.6% in the week ending 10th August. Following on from a 0.25% rise in the previous week, Binance Coin ended the week at $29.57.

Relatively range-bound through the early part of the week, Binance Coin eased to a Tuesday intraweek low $26.29.

The pullback saw Binance Coin test the first major support level at $26.28 before making a move.

Bullish through the 2nd half of the week, Binance Coin rallied to a Thursday intraweek high $32.2 before easing back.

Binance Coin broke back through the 38.2% FIB of $28 and the first major resistance level at $29.10.

The gain for the week came in spite of 4-days in the red. A 7.4% rally on Wednesday delivered for the bulls. While finding support, 2 consecutive days in the red at the end of the week left Binance Coin at sub-$30 levels.

For the week ahead

Holding onto $29 levels through the early part of the week would support another move back through to $32 levels. Binance Coin would need the support of the broader market, however, to break out from the first major resistance level at $32.42.

Barring a broad-based crypto rally, last week’s high $32.2 and first major resistance level would likely cap any upside.

In the event of a breakout, the 23.6% FIB of $34 could come into play before any pullback.

Failure to hold onto $29 levels could see Binance Coin hit reverse. A fall through the 38.2% FIB of $28 would bring the first major support level at $26.51 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$25 support levels on the week.

At the time of writing, Binance Coin was down by 0.21% to $29.51.

EOS

EOS fell by 5.2% in the week ending 10th August. Reversing a 0.33% gain from the previous week, EOS ended the week at $4.0664.

After a bearish start to the week, EOS bounced back with a 5.19% rally on Monday to strike an intraweek high $4.5778.

EOS broke through the first major resistance level at $4.5342 before hitting reverse. A 6.01% loss on Tuesday and a 6.41% slide on Friday did the damage. The reversal saw EOS fall to a Friday intraweek low $3.8003.

EOS fell through the first major support level at $3.9533 before finding support to move back through to $4.00 levels. A 3.86% rally on Saturday cut the deficit for the week.

For the week ahead

A move through to $4.15 levels would support a run at the first major resistance level at $4.4960. EOS would need the support of the broader market, however, to break out from $4.20 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $4.5778 could continue to pin EOS back.

In the event of a crypto rebound, the second major resistance level at $4.496 would likely come into play.

Failure to move through to $4.15 levels could see EOS take another hit. A fall back through to sub-$4.00 levels would bring the first major support level at $3.7185 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.3707.

At the time of writing, EOS was up by 0.58% to $4.0898.

Ethereum

Ethereum fell by 7.22% in the week ending 10th August. Reversing a 7.26% rally from the previous week, Ethereum ended the week at $206.10.

A bullish start to the week saw Ethereum rally to a Tuesday morning intraweek high $239.45 before hitting reverse.

Ethereum broke through the first major resistance level at $232.3 before being hit with 5-consecutive days in the red.

The sell-off saw Ethereum fall to a Saturday intraweek low $200.38 before finding support. Ethereum fell through the first major support level at $204.49 before moving back through to $206 levels.

Steering clear of sub-$200 levels was key at the end of the week.

For the week ahead

A move through to $215.3 levels would signal another run at $230 levels in the week. Ethereum would need the support of the broader market, however, to break out from the first major resistance level at $230.24.

Barring a broad-based crypto rally, Ethereum would likely continue to fall short of $240 levels.

Failure to move through to $215.3 levels could see Ethereum slide through to sub-$200 levels.

Barring a crypto meltdown, however, the first major support level at $191.17 should limit any downside in the week.

In the event of a meltdown, Ethereum could visit $180 levels before any recovery. We would expect Ethereum to leave the second major support level at $176.24 untested, however.

At the time of writing, Ethereum was up by 0.12% to $206.34.

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