Altcoins Weekly Analysis – BNB, EOS and ETH – 06/10/19

Binance Coin

Binance Coin slipped by 0.19% in the week ending 5th October. Following on from a 24.79% tumble from the previous week, Binance Coin ended the week at $15.72.

A bearish start to the week saw Binance Coin hit reverse from an early Sunday high $15.85 to a Monday intraweek low $14.58.

Steering clear of the first major support level at $13.06, Binance Coin bounced back through the day.

Off the back of a 4.26% rally on Monday, Binance Coin struck a Tuesday intraweek high $16.34 before easing back.

Falling well short of the first major resistance level at $19.72, Binance Coin saw 3 consecutive days in the red before finding support on Saturday.

The pullback saw Binance Coin fall to $15.10 levels before support kicked in to limit the downside in the week.

For the week ahead

A move through to $15.70 levels in the early part of the week would support a run at the first major resistance level at $16.51.

Binance Coin would need support from the broader market, however, to break out from last week’s high $16.34.

Barring a broad-based crypto rally, Binance Coin would likely fall well short of $17 levels in the week. In the event of a crypto rally, we would expect the second major resistance level at $17.31 to come into play.

Failure to move through to $15.70 levels could see Binance Coin spend a 5th consecutive week in the red. A fall through to sub-$15 levels would bring the first major support level at $14.75 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$14 support levels in the week.

At the time of writing, Binance Coin was down by 1.20% to $15.53.

BNB/USD 06/10/19 Weekly Chart

EOS

EOS rose by 5.67% in the week ending 5th October. Partially reversing a 29.21% slide from the previous, EOS ended the week at $3.0007.

Tracking the broader market, EOS fell to a Sunday intraweek low $2.6812 before finding support.

Steering clear of the first major support level at $2.1542, EOS bounced back to a Tuesday intraweek high $3.1340.

In spite of a 6.8% rally on Monday, EOS fell short of the first major resistance level at $3.7704.

Relatively range-bound through the rest of the week, a pullback to $2.8 levels on Thursday was short-lived. Support at $3.00 ultimately delivered the upside in the week.

For the week ahead

EOS would need to move back through to $3.00 levels support a run at the first major resistance level at $3.1961.

Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.

Barring a broad-based crypto rally, EOS would likely fall well short of the second major resistance level at $3.3914.

Failure to move back through to $3.00 levels could see EOS resume the downward trend. A fall back through to sub-$2.90 levels would bring the first major support level at $2.7433 into play.

Barring an extended sell-off through the week, however, EOS should steer clear of the second major support level at $2.4858.

At the time of writing, EOS was down by 0.96% to $2.9720.

EOS/USD 06/10/19 Weekly Chart

Ethereum

Ethereum rose by 1.63% in the week ending 5th October. Partially reversing a 19.07% slide from the previous week, Ethereum ended the week at $176.73.

A bearish start to the week saw Ethereum fall to a Sunday intraweek low $164.34 before finding support.

Steering clear of the first major support level at $145.52, Ethereum rallied to a Tuesday intraweek high $185.89.

In spite of a 7% rally on Monday, Ethereum came up short of the first major resistance level at $208.86.

Through the 2nd half of the week, Ethereum fell back to sub-$170 levels on Thursday before moving back into the green.

For the week ahead

Ethereum would need to hold onto $175 levels to support a run at $180 levels later in the week.

Support of the broader market would be needed, however, for Ethereum to break through the first major resistance level at $186.97.

Barring a broad-based crypto rally, however, we would expect Ethereum to fall short of $190 levels in the week.

Failure to hold onto $175 levels could see Ethereum hit reverse. A fall back through to sub-$170 levels would bring the first major support level at $165.42 into play.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$160 levels in the week.

At the time of writing, Ethereum was down by 0.69% to $175.51.

ETH/USD 06/10/19 Weekly Chart

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