Altcoins Weekly Analysis – BNB, EOS and ETH – 25/08/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 4.15% in the week ending 24th August. Following on from a 7.1% slide from the previous week, Binance Coin ended the week at $26.35.

Another bullish start to the week saw Binance Coin rally to a Sunday intraweek high $29.38 before hitting reverse.

In spite of the start of the week rally, Binance Coin came up short of $30 levels and the first major resistance level at $30.63.

While falling short of the major resistance levels, the Sunday rally saw Binance Coin break through the 38.2% FIB of $28.

Following a 3.2% rally on Sunday, Binance Coin saw two consecutive days of heavy losses. The reversal saw Binance Coin slide back through the 38.2% FIB of $28 to $25 levels and into the red.

A third sell-off on Saturday dragged Binance Coin deeper into the red. The sell-off saw Binance Coin fall to an intraweek low $25.79 before recovering to $26 levels.

In spite of the reversal, Binance Coin steered clear of the week’s first major support level at $25.

For the week ahead

A move through to $27.20 levels would support a run at the 38.2% FIB of $28 in the early part of the week.

Binance Coin would need the support of the broader market, however, to break out from the first major resistance level at $28.56.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $29.38 would likely leave Binance Coin short of $30 levels.

In the event of a breakout, Binance Coin test the second major resistance level at $30.76 before any pullback. We would expect Binance Coin to continue to come up well short of the 23.6% FIB of $34 on the week.

Failure to move back through $27.2 levels could see Binance Coin spend another week in the red. A fall through last week’s low $25.79 would bring the first major support level at $25.00 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of sub-$24 support levels on the week.

At the time of writing, Binance Coin was down by 0.07% to $23.33

BNB/USD 25/08/19 Weekly Chart

EOS

EOS rose by 2.74% in the week ending 24th August. Partially reversing a 12.45% tumble from the previous week, EOS ended the week at $3.6661.

A relatively bullish start to the week saw EOS strike a late Sunday intraweek high $3.8013 before hitting reverse.

Falling short of the first major resistance level at $4.1134, EOS stumbled to a Tuesday intraweek low $3.3574.

In spite of the reversal, EOS steered clear of the first major support level at $3.1608, supporting a move back to $3.77 levels on Friday.

A broad-based crypto reversal on Saturday left EOS back at $3.6 levels to limit the upside for the week.

For the week ahead

A move back through to $3.7 levels would support a run at the first major resistance level at $3.8591. EOS would need the support of the broader market, however, to break out from last week’s high $3.8013.

Barring a broad-based crypto rally, EOS would fall well short of the second major resistance at $4.0522.

Failure to move through to $3.7 levels could see EOS fall back into the red. A pullback through to sub- $3.6 levels would bring the first major support level at $3.42 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.16 and sub-$3.00 levels.

At the time of writing, EOS was down by 0.21% to $3.6586.

EOS/USD 25/08/19 Weekly Chart

Ethereum

Ethereum gained 2.86% in the week ending 24th August. Partially reversing a 9.96% slide from the previous week, Ethereum ended the week at $190.89.

Tracking the broader market early on, Ethereum rallied by 3.9% last Sunday to a Sunday intraweek high $203.91.

Falling well short of the first major resistance level at $211.11, Ethereum saw 2 consecutive days in the red. A 4.7% tumble on Tuesday saw Ethereum fall to an intraweek low $180 before finding support.

Steering well clear of the first major support level at $165.53, Ethereum bounced back to $196 levels before a Saturday pullback.

For the week ahead

A move through to $191.6 levels would signal a return to $200 levels in the week. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $203.2.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $203.91 would likely limit any upside.

In the event of a broad-based crypto rally, the second major resistance level at $215.51 would likely come into play.

Failure to move through to $191.6 levels could see Ethereum test the first major support level at $179.29.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$170 support levels.

At the time of writing, Ethereum was down by 0.21% to $190.49.

ETH/USD 25/08/19 Weekly Chart

Bitcoin and the Majors Take a Dive as the Bears Fight Back

Cryptomania

Bitcoin tumbled by 5.99% on Wednesday. Following on from a 1.33% fall on Tuesday, Bitcoin ended the day at $10,147.

A particularly bearish morning saw Bitcoin slide from a start of a day intraday high $10,825 to a mid-day intraday low $9,824.

Falling shy of the first major resistance level at $10,995.4, Bitcoin slid through the major support levels on the day.

In spite of the sell-off, however, Bitcoin steered clear of the 38.2% FIB of $9,734, supporting a partial recovery.

Bitcoin managed to move back through the third major support level at $9,971.7 to $10,000 levels late on.

Closing out the day at $10,000 levels was the only positive as the broader market went into meltdown mode.

Wednesday’s loss took a large bite out of Bitcoin’s August gains. For the current month, Bitcoin was up by just 0.58% and was the only major in positive territory in August.

Bitcoin’s hold above the 38.2% FIB of $9,734 reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was red across the crypto-board.

Monero’s XRM and EOS were the worst performers on the day, with losses of 6.11% and 4.71% respectively.

Bitcoin Cash SV (-4.44%), Ethereum (-4.68%), BNB (-4.2%), and Bitcoin Cash ABC (-3.64%) also saw particularly heavy losses.

On the day, Litecoin (-2.56%), Stellar’s Lumen (-2.78%) and Ripple’s XRP (-3.14%) suffered the lightest of losses in the meltdown.

Bitcoin’s strong heavy loss on the day led to a fall in dominance back to sub-69% levels.

The broad-based crypto meltdown led the total market cap from $279bn levels to a day low $258.49bn before support kicked in. At the time of writing, the total crypto market cap stood at $263.63bn.

24-hr volumes climbed from $48bn levels at the start of the day to $62bn levels as investors responded to the sell-off.

This Morning

At the time of writing, Bitcoin was down by 0.8% to $10,066.  Within the first hour, Bitcoin rose to an early high $10,163 before pulling back to an early morning low $10,056.

Bitcoin left the major support and resistance levels untested in the 1st hour.

Elsewhere, it was a mixed bag for the top 10. Tron’s TRX led the was, rising by 1.19%. EOS. (+0.62%). Binance Coin (+0.36%), and Ripple’s XRP (+0.21%) were also in the green early on.

It was red for the rest of the majors, however, with Stellar’s Lumen and Bitcoin Cash ABC seeing the heaviest losses. At the time of writing, the two were down by 2.8% and by 1.11% respectively.

BTC/USD 22/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to avoid a fall back through to sub-$10,000 levels to support a move back into the green. A return to $10,265 levels would bring the first major resistance level at $10,706.67 into play.

Bitcoin would need the support of the broader market, however, to break out from $10,100 levels.

Barring a broad-based crypto rebound, however, Bitcoin will likely come up short of $10,500 levels on the day.

Failure to hold onto $10,000 levels could see Bitcoin test support at the 38.2% FIB of $9,734 before any recovery.

Barring another crypto meltdown, the first major support level at $9,705.67 should limit any downside on the day.

Ethereum Mid-Week Analysis – Resistance Levels in Play – 21/08/19

Bitcoin coin on white keyboard

Ethereum Price Resistance

It’s been a relatively bullish first half of the week for Ethereum. Following last week’s 9.96% slide, Ethereum was up by 5.91% Sunday through Tuesday.

A bullish start to the week saw Ethereum rise to a Monday current week high $203.91 before easing back.

In spite of 2-consecutive days in the green that included a 4.93% rally on Sunday, Ethereum fell short of the first major resistance level at $211.11.

A reversal on Tuesday, saw Ethereum fall by 2.85% to end the day back at sub-$200 levels.

Through the first half of the week, Ethereum also steered well clear of the major support levels. A Sunday current week low $183.31 held well above the first major support level at $165.53.

Of greater significance in the current week, Ethereum continued to fall well short of the 23.6% FIB of $257.

The extended bearish trend, formed at May 2018’s swing hi $828.97 remained firmly intact. Ethereum had continued to fall short of the 38.2% FIB Retracement Level of $367, before the slide back through the 23.6% FIB of $257.

For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was down by 0.26% to $196.05. A bearish start to the day saw Ethereum fall from an early morning high $197.17 to a low $195.95.

Ethereum continued to leave the major support and resistance levels untested in the early hours of Wednesday.

ETH/USD 21/08/19 Daily Chart

For the remainder of the week

Ethereum would need to steer clear of sub-$191 levels to support another move through to $200 levels in the week.

Support from the broader market would be needed, however, for Ethereum to break out from the current week high $203.91.

In the event of a rebound from Tuesday’s pullback, Ethereum would likely test the first major resistance level at $211.11.

Barring a broad-based crypto breakout, however, Ethereum would likely come up short of last week’s high $216.58.

Failure to hold onto $191 levels could see Ethereum give up the current week gains. A slide through to $185 levels would bring sub-$180 levels into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of last week’s low $171 and the first major support level at $165.53.

With Ethereum down by 10.12% for the current month to the end of Tuesday, a move back through to $200 levels is key.

Failure to hold within the $200 range will likely weigh heavily on Ethereum near-term.

Looking at the Technical Indicators

Major Support Level: $165.53

Major Resistance Level: $211.11

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Bitcoin Fuels a Bullish Start to the Week for the Majors

Cryptomania

Bitcoin rallied by 5.9% on Monday. Partially reversing a 10.74% slide from last week, Bitcoin ended the day at $10,938.

A bearish start to the day saw fall to an early morning intraday low $10,280 before making a move. Steering clear of the major support levels, Bitcoin struck a late morning high $10,863.

The rally saw Bitcoin break through the first major resistance level at $10,548.13 and second major resistance level at $10,764.07.

Through the 2nd half of the day, Bitcoin found support at sub-$10,700 levels before striking a final hour intraday high $10,946.

The late move saw Bitcoin break back through and hold above the second major resistance level at $10,764.07.

It was Bitcoin’s first visit to $10,900 levels since last Wednesday.

Bucking the trend from the broader market, Bitcoin holds onto positive territory for the current month, in spite of last week’s sell-off, which leaves the extended bullish trend intact. For the month of August, Bitcoin was up by 8.43%, with only Monero’s XMR (+11.36%) and Binance Coin (+3.67%) also seeing green.

Bitcoin’s hold onto $10,000 levels reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was green for the majority.

Bitcoin Cash SV led the way on the day, rallying by 5.29%. Ethereum and Binance Coin also saw solid gains. The pair ended the day up by 3.89% and 3.19% respectively.

It was less impressive for Litecoin and EOS which reversed losses late in the day. Litecoin rose by 1.14%, while EOS gained 0.85%.

Bucking the trend on the day was Ripple’s XRP, which failed to find support from the broader market to end the day down by 0.59%.

Bitcoin’s strong response to last week’s sell-off led to a rise in dominance to 69.1%.

Upward momentum across the majors, largely driven by Bitcoin, also led to a total market cap recovery from $269bn levels to $282bn levels.

24-hr volumes were on the lighter side, however, briefly visiting $51bn levels before easing back to $50bn levels. That’s well below $136bn levels hit in June…

This Morning

At the time of writing, Bitcoin was down by 0.12% to $10,925. A mixed first hour saw Bitcoin strike a high $10,993 before easing back. Coming up against resistance at $11,000, Bitcoin eased back to a low $10,905 before finding support.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV led the way with a trend-bucking 1.52% gain. Stellar’s Lumen and Tron’s TRX also avoided red, with both up by 0.16% at the time of writing.

It was a bearish start for the rest of the majors, however. Litecoin saw the heaviest loss in the first hour, down by 1.15% at the time of writing.

BTC/USD 20/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to hold onto $10,900 levels through the morning to support a run at the first major resistance level at $11,174.67.

Support from the broader market would be needed, however, for Bitcoin to break through to $11,000 levels.

In the event of another Bitcoin break out, the 23.6% FIB of $11,275 and second major resistance level at $11,411.33 would likely come into play.

Failure to hold onto $10,900 levels could see Bitcoin slide deeper in the red.

Barring a fall through to $10,720 levels, Bitcoin should steer well clear of the first major support level at $10,490.67.

Altcoins Weekly Analysis – BNB, EOS and ETH – 18/08/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin slid by 7.1% in the week ending 17th August. Reversing a 6.6% gain from the previous week, Binance Coin ended the week at $27.46.

A bullish start to the week saw Binance Coin gain 2.2% last Sunday, supporting an early Monday intraweek high $30.63.

In spite of the start of the week rally, Binance Coin came up well short of the first major resistance level at $32.42.

Succumbing to pressure from the broader market, Binance Coin slid to a Thursday intraweek low $25.35.

The sell-off saw Binance coin fall through the 38.2% FIB of $28 and the first major support level at $26.51.

A late Thursday bounce-back through the first major support level and 38.2% FIB was short-lived.

While managing to close out the week above the first major support level Binance Coin fell back through the 38.2% FIB.

For the week ahead

A move through 38.2% FIB of $28 in the early part of the week would support another move back through to $30 levels. Binance Coin would need the support of the broader market, however, to break out from the first major resistance level at $30.28.

Barring a broad-based crypto rally,  the first major resistance level and last week’s high $30.63 would likely cap any upside.

In the event of a breakout, Binance Coin could visit $32 levels before any pullback. We would expect Binance Coin to come up well short of the 23.6% FIB of $34 on the week.

Failure to move back through the 38.2% FIB of $28 could see Binance Coin spend another week in the red. A fall through last week’s low $25.35 would bring the first major support level at $25.00 into play.

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

At the time of writing, Binance Coin was up by 0.52% to $27.60.

BNB/USD 18/08/19 Weekly Chart

EOS

EOS tumbled by 12.45% in the week ending 17th August. Following on from a 5.2% fall from the previous week, EOS ended the week at $3.5593.

A bullish start to the week saw EOS strike a late Sunday intraweek high $4.2689 before hitting reverse.

Falling short of the first major resistance level at $4.4960, EOS stumbled to a Thursday intraday low $3.3163.

The reversal saw EOS fall through the first major support level at $3.7185 and second major support level at $3.3707.

Six consecutive days of losses left EOS deep in the red for the week.

For the week ahead

A move through to $3.7150 levels would support a run at the first major resistance level at $4.1134. EOS would need the support of the broader market, however, to break through to $4.00 levels.

Barring a broad-based crypto rally, however, EOS would fall well short of the first major resistance

Resistance at $4.00 levels would likely cap any upside on the week.

Failure to move through to $3.7150 levels could see EOS take another hit. A fall back through last week’s low $3.3163 would bring the first major support level at $3.1608 into play.

Barring a crypto meltdown, EOS should steer well clear of sub-$3.00 levels and the second major support level at $2.7622.

At the time of writing, EOS was up by 0.05% to $3.5610.

EOS/USD 18/08/19 Weekly Chart

Ethereum

Ethereum slid by 9.96% in the week ending 17th August. Following on from a 7.22% fall from the previous week, Ethereum ended the week at $185.59.

Tracking the broader market early on, Ethereum rallied by 4.8% last Sunday to a Sunday intraweek high $216.58.

Falling well short of the first major resistance level at $230.24, Ethereum tumbled to a Thursday intraweek low $171.

The reversal saw Ethereum slide through the first major support level at $191.17 and second major support level at $176.24.

A Thursday bounce back to $190 levels and into positive territory for the day eased the pain ahead of a pullback to sub-$190 levels. Thursday’s bounce-back was key to avoiding heavier losses from another bearish week.

For the week ahead

A move through to $191 levels would signal a return to $200 levels in the week. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $211.11.

Barring a broad-based crypto rally, Ethereum would likely fall short of last week’s high $216.58.

Failure to move through to $200 levels could see Ethereum slide through to sub-$180 levels.

Barring a crypto meltdown, however, Ethereum should steer clear of the first major support level at $165.53.

In the event of a meltdown, Ethereum could visit last week’s low $171, however, before any recovery.

At the time of writing, Ethereum was down by 0.05% to $185.49.

ETH/USD 18/08/19 Weekly Chart

The Crypto Meltdown – Bitcoin Visits sub-$10,000 as the Bears Bite

Cryptomania

Bitcoin tumbled by 7.72% on Wednesday. Following on from a 4.44% slide on Tuesday, Bitcoin ended the day at $10,064.6.

A bearish start to the day saw Bitcoin fall from an early intraday high $10,909 to a late morning low $10,403.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $10,646.67.

Finding support through the late morning, Bitcoin recovered through the first major support level before hitting reverse.

A broad-based crypto sell-off saw Bitcoin slide to a late intraday low $9,966 before moving back through to $10,000 levels.

Bitcoin slid through the first major support level at $10,646.67 and second major support level at $10,389.33 to visit sub-$10,000 for the first time since 1st August.

A recent bearish run that has seen Bitcoin in the red on 5 of the last 6 days reversed gains from earlier in the month. For the month of August, Bitcoin was down by 0.23% to the end of Wednesday and down by 16.13% year-to-date.

Elsewhere

Across the top 10 cryptos, it was a sea of red for the majors.

Tron’s TRX led the way down, sliding by 14.2%. Ripple’s XRP (-11.55%), Ethereum (-10.64%), Litecoin (-10.27%), and EOS (-10%) also saw particularly heavy losses.

Stellar’s Lumen and Bitcoin Cash SV had the lightest losses on the day, with the pair falling by 7.1% and by 5.99% respectively.

The crypto meltdown led the market cap down from $285.57bn to a Wednesday low $262.62bn. At the time of writing, the total market cap stood at $265.33bn.

Bitcoin’s more modest sell-off on the day led to its dominance level recovering to 68% levels. At the time of writing, Bitcoin’s dominance stood at 68.3%.

For those looking towards Bitcoin and the broader crypto market as a safe haven, the meltdown came amidst a sell-off across the global equity markets on Wednesday.

Fears of a recession, resulting in bond yield inversions, led to investors pulling out of all risky assets, including the cryptos.

This Morning

At the time of writing, Bitcoin was up by 1.12% to $10,177. A bullish start to the day saw Bitcoin bounce from a morning low $10,066.4 to a high $10,249 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, there was relief across the crypto-board following the Wednesday meltdown.

Tron’s TRX led the way early, up by 2.27% at the time of writing. Litecoin (+1.39%), Ripple’s XRP (+1.12%), Ethereum (+1.07%), and Bitcoin Cash ABC (+1.01%) also found strong support.

Binance Coin trailed the majors early on, rising by just 0.32%.

BTC/USD 15/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to move through to $10,310 levels to support the recovery of Wednesday’s losses. A breakthrough to $10,310 would bring the first major resistance level at $10,660.4 into play.

Bitcoin would need the support of the broader market, however, to break out from $10,300 levels.

Barring a broad-based crypto rebound, Bitcoin will likely fall well short of Wednesday’s high $10,909 and $11,000 levels.

Failure to move through to $10,310 levels could see Bitcoin take another hit. A fall through to sub-$10,000 would bring the 38.2% FIB of $9,734 and first major support level at $9,717.4 into play.

Barring another crypto meltdown, Bitcoin should steer well clear of the second major support level at $9,370.2.

Binance Coin Analysis – Resistance Levels in Play – 14/08/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin Price Support

It’s been a choppy start to the week for Binance Coin.

A Sunday fall to an intraday low $29.13 saw Binance Coin steer well clear of the week’s first major support level at $26.51. Finding support through to early Monday, Binance Coin rallied to a Monday intraday high $30.63.

Falling well short of the first major resistance level at $32.42, Binance Coin slid to a Tuesday intraday low $28.92.

In spite of the reversal, Binance Coin steered clear of the 38.2% FIB of $28 and first major support level at $26.51.

Support through Tuesday afternoon limited the downside for the day and the current week.

A second consecutive day in the red, however, left Binance Coin down by 0.71%, Sunday through Tuesday.

Following 5 consecutive months in the green, June and July saw Binance Coin pullback from $40 levels.

In spite of the bearish start to the current week, however, Binance Coin has managed to hold onto positive territory for the current month. Through to the end of Tuesday, Binance Coin was up by 5.58% in August.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact.

Binance Coin is up by 364% year-to-date, with Binance Coin managing to steer clear of the 38.2% FIB of $28 in the current week.

For the bulls, steering clear of sub-$20 levels will be key to maintaining the upward momentum for the current year…

At the time of writing, Binance Coin was down by 0.5% to $29.20. A bearish start to the morning saw Binance Coin fall from an early morning high $29.45 to a low $29.06.

In spite of the early pullback, Binance Coin continued to steer clear of the 38.2% FIB of $28.

BNB/USD 14/08/19 Weekly Chart

For the remainder of the week

Binance Coin would need to hold onto $29 levels through the middle of the week to support a move through to $30 levels.

Binance Coin would need the support of the broader market, however, to take a run at the first major resistance level at $32.42.

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

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

Failure to hold onto $29 levels would see Binance Coin fall through the 38.2% FIB of $28.

Barring a broad-based crypto meltdown, however, Binance Coin should steer clear of the first major support level at $26.51.

Looking at the Technical Indicators

 

Major Support Level: $26.51

Major Resistance Level: $32.42

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

Bitcoin Continues to Buck the Trend in August. Can it Hold on?

Bitcoin 1

Bitcoin fell by 1.48% on Monday. Partially reversing a 2.25% gain from Sunday, Bitcoin ended the day at $11,404.

Bearish through the morning, Bitcoin slid from an early intraday high $11,585 to a mid-day intraday low $11,260.

The sell-off saw Bitcoin fall through the 23.6% FIB of $11,275 and first major support level at $11,257.93.

Finding support through the early afternoon, Bitcoin moved back through the 23.6% FIB to $11,400 levels before easing back.

Bucking the trend from the broader market, it’s been bullish month leaving the extended bullish trend intact. Bitcoin’s hold onto $11,000 levels reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors.

Tron’s TRX bucked the trend on the day, gaining 0.28%, whilst the rest of the majors joined Bitcoin in the red.

Litecoin’s troubles continued with a 4.59% slide to lead the way down on the day. Stellar’s Lumen (-2.45%) and Ethereum (-2.29%) weren’t far behind with relatively heavy losses.

For EOS (-1.74%), Bitcoin Cash SV (-1.7%) and Bitcoin Cash ABV (-1.63%), the trio also struggled on the day.

Ripple’s XRP and Binance Coin saw modest losses of 0.87% and 0.23% respectively.

Following on from another bearish start to the week, August looks set to deliver for a 2nd consecutive month to the bears.

Litecoin leads the way, sliding by 13.28%, with Stellar’s Lumen not far behind, falling by 9.53%. The August pullback saw Stellar’s Lumen fall out of the crypto top 10, having briefly replaced Tron’s TRX.

Monero’s XRM joined the top-10 in the last few days, supported by a 12.92% current month rally.

Bitcoin’s dominance stood at 68.8% at the time of writing, with a bearish start to the week weighing on the crypto majors.

The total crypto market cap eased back from a Monday high $298.5bn to $295.55bn at the time of writing.

While the news wires remain relatively silent on the regulatory front, geopolitical risk looks to have provided Bitcoin with support.

This Morning

At the time of writing, Bitcoin was flat at $11,404. A choppy start to the day saw Bitcoin rise from an early morning low $11,378 to a high $11,468 before easing back.

In spite of the choppy start, Bitcoin left the major support and resistance levels untested.

Elsewhere, Stellar’s Lumen and Binance Coin bucked the trend, with gains of 0.15% and 0.11% respectively.

It was red for the rest of the crypto majors, however. EOS led the way down in the early hours, falling by 1.81%, with Litecoin and Bitcoin Cash ABC not far behind. The pair were down by 1.32% and 1% respectively.

BTC/USD 13/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to move through to $11,420 levels to support a run at the first major resistance level at $11,572.67.

Support from the broader market would be needed, however, for Bitcoin to break out from $11,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $11,585 would likely cap any upside.

In the event of a crypto rally, Bitcoin would likely visit $11,600 levels before any pullback.

Failure to move through to $11,420 levels could see Bitcoin slide back into the red. A fall through the morning low $11,378 would bring the 23.6% FIB of $11,275 into play.

Barring a crypto meltdown, the first major support level at $11,257.93 should limit any downside on the day.

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

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.

BNB/USD 11/08/19 Weekly Chart

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.

EOS/USD 11/08/19 Weekly Chart

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.

ETH/USD 11/08/19 Weekly Chart

Bitcoin Dominates on a Mixed Day for the Majors on Wednesday

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 4.6% on Wednesday. Reversing a 3.01% slide from Tuesday, Bitcoin ended the day at $11,999.

A particularly bullish morning saw Bitcoin rally from a start of a day intraday low $11,385 to an early afternoon intraday high $12,153.

Steering clear of the first major support level at $11,039, Bitcoin broke through the first major resistance level at $12,115.

A broad-based late afternoon crypto sell-off saw Bitcoin slide back to 11,500 levels before finding support.

Continuing to steer clear of the major support levels, Bitcoin bounced back to $12,000 levels late on.

At the end of the day, however, Bitcoin’s failed to hold onto $12,000 levels at the day’s end. The last time Bitcoin wrapped up the day at $12,000 was on 10th July.

A bullish start to the month left the extended bullish trend intact. Bitcoin’s hold above the 23.6% FIB of $11,275 reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors.

Bucking the trend on the day were Litecoin, Bitcoin Cash SV, and Stellar’s Lumen. Litecoin led the way down, falling by 2.54%. Bitcoin Cash SV and Stellar’s Lumen saw more modest losses of 0.69%, and by 0.18% respectively.

Leading the way on the day was Binance Coin, which surged by 7.42%. Bitcoin Cash ABC and EOS also managed to find support, rising by 1.40% and by 0.99% respectively.

For the rest of the pack, the gains were minor. Ripple’s XRP rose by 0.13%, while Ethereum ended the day flat.

The upward bias across the majors saw the total crypto market cap rise from sub-$300bn levels to $309.8bn, at the time of writing.

Bitcoin’s gains on Wednesday also led to a rise in Bitcoin’s dominance to 68.9%.

While the news wires were on the quieter side on the day, Litecoin’s struggles came off the back of this week’s halving event. Bitcoin’s next up on the halving front, with the halving date forecasted to be on 17th May 2020.

If Litecoin’s 2019 rally is anything to go by, Bitcoin’s likely to find plenty of support, assuming there is no negative regulatory news.

Year-to-date, Litecoin had rallied by 390% to a late June’s current year high $146 and was up by 212% to last Sunday. Should Bitcoin see similar interest, it’s a projected return to $19,000 levels…

The one caveat, however, is that Litecoin and the broader market have been in recovery mode through the current year. Year-to-date, Bitcoin was up by 182% to last Sunday. That projects a less impressive pre-halving return to $15,000 levels, all other considerations aside.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $11,928. A mixed start to the day saw Bitcoin rise to an early morning high $12,050 before falling to a low $11,898.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Bitcoin Cash SV bucked the trend early on with a 0.54% rise. It was red for the rest of the majors, however, with Binance Coin giving up some of Wednesday’s gains, falling by 1.05%.

BTC/USD 08/08/19 Daily Chart

 

For the Bitcoin day ahead

Holding above $11,845 levels would support a move back through to the morning high $12,050. Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $12,306.33.

Barring a broad-based crypto rally, Wednesday’s high $12,153 would likely limit any upside on the day.

Failure steer clear of $11,845 levels could see Bitcoin slide deeper into the red. A fall through to $11,700 levels would bring the first major support level at $11,538.33 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the 23.6% FIB of $11,275.