Altcoins Weekly Analysis – BNB, EOS and ETH – 21/07/19

After another weekly slide, it’s a bearish start to the week. Failure to move back into the green by Monday could prove costly…
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Binance Coin

Binance Coin fell by 1.27% in the week ending 20th July. Following on from a 2.99% fall from the previous week, Binance Coin ended the week at $31.13.

A particularly bearish start to the week saw Binance Coin slide to a Wednesday intraweek low $23.67 before finding support.

The reversal saw Binance Coin slide through the 38.2% FIB of $28 and first major support level at $26.76.

Recovering through the 2nd half of the week, Binance Coin bounced back to a Thursday intraweek high $33.31 before easing back.

While breaking back through the 38.2% FIB of $28, Binance Coin fell well short of the first major resistance level at $36.61.

In spite of 4 consecutive days in the green to end the week, Binance Coin failed to close out the week in positive territory.

For the week ahead

Holding onto $30 levels through the early part of the week would support a move through to last week’s high $33.31.

Binance Coin would need the support of the broader market, however, to take a run at the first major resistance level at $35.07.

Barring a broad-based crypto rally, however, Binance Coin would likely struggle at the 23.6% FIB of $34.

Failure to hold onto $30 levels could see Binance Coin face more losses in the week ahead.

A fall through $29.40 would bring the 38.2% FIB of $28 into play before any recovery.

Barring a crypto meltdown, we would expect Binance Coin to steer clear of the first major support level at $25.43.

In the event of a crypto meltdown, the Binance Coin could revisit $23 levels before any recovery.

At the time of writing, Binance Coin was down by 0.89% to $30.85.

EOS

EOS slid by 8.98% in the week ending 20th July. Following on from an 18.06% tumble from the previous week, EOS ended the week at $4.3070.

Tracking the broader market through the early part of the week, EOS slid from a Sunday intraweek high $4.7527 to a Tuesday intraweek low $3.30.

Falling well short of the major resistance levels, EOS slid through the first major support level at $4.0167.

The second major support level at $3.2980 limited the downside on the week.

Finding support through the 2nd half of the week, EOS managed to recover to $4.48 levels on Saturday before easing back.

For the week ahead

Holding onto $4.20 levels through the early part of the week would support a run at the first major resistance level at $4.9398.

EOS would need the support of the broader market, however, to break out from last week’s high $4.7527.

Barring a broad-based crypto rally, EOS would likely fall short of $5.00 levels for a 2nd consecutive week.

In the event of a crypto rebound, the second major resistance level at $5.5726 would likely limit any upside on the week.

Failure to hold onto $4.2 levels would bring sub $4.00 levels back into play.

Barring a crypto meltdown, the first major support level at $3.4871 should limit any downside on the week.

In the event of a crypto meltdown, EOS could test sub-$3.00 support levels before any recovery.

At the time of writing, EOS was down 3.01% to $4.1775.

Ethereum

Ethereum tumbled by 14.91% in the week ending 20th July. Following on from a 6.45% slide from the previous week, Ethereum ended the week at $228.89.

A particularly bearish start to the week saw Ethereum slide to an intraweek low $190.11. The sell-off saw Ethereum fall through the first major support level at $247.54 and second major support level at $226.04.

Of greater significance was a fall through the 23.6% FIB of $257 to Tuesday’s intraweek low.

Finding support through the 2nd half of the week, Ethereum managed to move back to $236 levels before easing back.

In spite of the partial recovery, Ethereum failed to move back through the 23.6% FIB of $257.

For the week ahead

A move through to $230 levels in the early part of the week would support a run at the 23.6% FIB of $257.

Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $269.24.

Barring a broad-based crypto rally, Ethereum would likely fall well short of $300 levels for a 2nd consecutive week.

Failure to move through to $230 levels could see Ethereum take another weekly loss.

A fall back through to sub-$200 levels would bring the first major support level at $189.33 into play.

Barring a crypto meltdown, Ethereum should steer clear of sub-$180 support levels on the week.

At the time of writing, Ethereum was down by 1.35% to $225.80.

Most Recent

Top Articles

Popular

10360.3
+366.49
+3.66714%
180.05
+3.9600
+2.24885%
0.2551
+0.0025
+0.98971%
300.11
+5.4000
+1.83231%
EOSEOS
3.7690
+0.0930
+2.52992%
69.620
+0.6400
+0.92781%