Altcoins Weekly Analysis – BNB, EOS and ETH – 01/09/19

Binance Coin

Binance Coin tumbled by 20.5% in the week ending 31st August. Following on from a 4.15% fall from the previous week, Binance Coin ended the week at $21.06.

A 3rd consecutive week in the red left Binance Coin down by 24.24% for the month of August.

Yet another bullish start to the week saw Binance Coin strike a Monday intraweek high $27.273 before hitting reverse.

Despite the early in the week rally, Binance Coin fell well short of the first major resistance level at $28.56.

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

Despite Monday’s intraweek high, Binance Coin gained just 0.11% on the day, which was just one of two days in the green.

A particularly bearish Wednesday saw Binance Coin tumbled by 8.7% followed by a 6.7% slide on Thursday and a 4.9% fall on Saturday.

The Saturday reversal saw Binance Coin fall to an intraweek low $20.91. Five days in the red saw Binance Coin fall back through the 38.2% FIB, first major support level at $24.97 and second major support level at $23.58.

For the week ahead

A move through to $23.10 levels would support a run at the first major resistance level at $25.25.

Binance Coin would need support from the broader market, however, to break out from $23 levels.

Barring a broad-based crypto rally, Binance Coin would likely come up well short of the 38.2% FIB of $28 in the week.

In the event of a breakout, Binance Coin could visit $26 levels before any pullback.

Failure to move back through $23.1 levels could see Binance Coin spend another week in the red. A fall through last week’s low $20.91 would bring the 62% FIB of $19 and first major support level at $18.89 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of sub-$18 support levels on the week.

At the time of writing, Binance Coin was up by 2.19% to $21.52

BNB/USD 01/09/19 Weekly Chart

EOS

EOS slid by 8.91% in the week ending 31st August. Reversing a 2.74% gain from the previous week, EOS ended the week at $3.412.

A relatively choppy start to the week saw EOS rally from a Sunday low $3.4662 to an early Monday intraweek high $3.7167.

Falling short of the first major resistance level at $3.8591, EOS stumbled to a Thursday intraweek low $3.06.

The sell-off saw EOS fall through the first major support level at $3.4152 and second major support level at $3.1644.

Finding support through the latter part of the week, EOS bounced back through the major support levels to a Saturday high $3.4286.

A late pullback, however, saw EOS fall back through the first major support level to close out the month at $3.3 levels.

Four days in the red left EOS down by 24.5% for the month of August.

For the week ahead

A move back through to $3.3730 levels would support a run at the first major resistance level at $3.6583. EOS would need the support of the broader market, however, to take a run at last week’s high $3.7167.

In the event of a broad-based crypto rally, last week’s high $3.7167 would likely cap any upside in the week.

Failure to move through to $3.3730 levels could see EOS spend another week in the red. A fall back through to sub-$3.20 levels would bring the first major support level at $3.0286 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $2.7159.

At the time of writing, EOS was up by 0.11% to $3.3449.

EOS/USD 01/09/19 Weekly Chart

Ethereum

Ethereum slid by 9.94% in the week ending 31st August. Reversing a 2.86% gain from the previous week, Ethereum ended the week at $171.93.

A choppy start to the week saw Ethereum recover from a Sunday low $182.04 to strike an early Monday intraweek high $194.28 before hitting reverse.

In spite of the early rally, Ethereum came up well short of the first major resistance level at $203.2.

The reversal saw Ethereum slide to a Thursday intraweek low $163.57. Ethereum fell through the first major support level at $179.29 and second major support level at $167.69.

Finding support late in the week, Ethereum broke back through the second major support level to close out the month at $171 levels.

Five days in the red left Ethereum down by 21.4% for the month of August.

For the week ahead

A move through to $176.6 levels would support a run at the first major resistance level at $189.62. Ethereum would need the support of the broader market, however, to break through to $180 levels.

Barring a broad-based crypto rally, Ethereum would likely come up short of $190 levels.

In the event of a broad-based crypto rally, last week’s high $194.28 would likely cap any upside.

Failure to move through to $176.6 levels could see Ethereum slide back to last week’s low $163.57 before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$160 support levels and the first major support level at $158.91.

At the time of writing, Ethereum was up by 0.65% to $173.04.

ETH/USD 01/09/19 Weekly Chart

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