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

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

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