Altcoins Weekly Analysis – BNB, EOS and ETH – 17/11/19

Binance Coin

Binance Coin rose by 2.34% in the week ending 16th November. Reversing a 2.42% loss from the previous week, Binance Coin ended the week at $20.16.

A choppy start to the week saw Binance Coin rise by 3.4% on Sunday to strike a day high $20.92 before hitting reverse.

Binance Coin broke through the first major resistance level at $20.85 to come up against the 23.6% FIB of $21.

The reversal saw Binance Coin slide to a Monday intraweek low $19.60 before finding support.

Steering clear of the first major support level at $18.87, Binance Coin rallied to a Wednesday intraweek high $21.81.

Reversing a 1.6% loss on Monday, two consecutive days in the green saw Binance Coin break back through the first major resistance level and 23.6% FIB.

A bearish 2nd half of the week weighed, however, with 3 consecutive days in the red seeing Binance Coin visit sub-$20 levels before wrapping up the week at $20 levels.

For the week ahead

Binance Coin would need to move through to $20.50 levels to support a run at the first major resistance level at $21.45.

Support from the broader market would be needed, however, for Binance Coin to break through the 23.6% FIB of $21.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $21.81 would likely cap any upside.

In the event of a breakout, Binance Coin could test the second major resistance level at $22.73 before any pullback.

Failure to move through to $20.50 levels could see Binance Coin hit reverse.

A fall back through to sub-$20 levels would bring the first major support level at $19.24 into play.

Barring a broad-based crypto sell-off, however, Binance Coin should steer clear of sub-$19 support levels.

At the time of writing, Binance Coin was down by 0.25% to $20.11.

BNB/USD 17/11/19 Weekly Chart

EOS

EOS fell by 3.13% in the week ending 16th November. Partially reversing a 4.50% gain from the previous week, EOS ended the week at $3.382.

A bullish start to the week saw EOS rally by 3% on Sunday, striking an intraweek high $3.69 before hitting reverse.

Falling short of the first major resistance level at $3.72, EOS saw 3 days in the red out of 4, leading to a Friday intraweek low $3.2862.

In spite of the sell-off, EOS steered clear of the first major support level at $3.2303. Finding support on Saturday, EOS rose by 1.28% on Saturday reduced the deficit for the week.

For the week ahead

EOS would need to move through to $3.45 levels to support a run at the first major resistance level at $3.6193.

Support from the broader market would be needed, however, for EOS to break back through to $3.60 levels.

Barring a broad-based crypto rally in the week, the first major resistance level and last week’s high $3.69 would likely cap any upside.

Failure to move through to $3.45 levels could see EOS spend another week in the red.

A fall back through to sub-$3.30 levels would bring the first major support level at $3.2155 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $3.0489.

At the time of writing, EOS was up by 0.42% to $3.3964.

EOS/USD 17/11/19 Weekly Chart

Ethereum

Ethereum fell by 1.36% in the week ending 16th November. Reversing a 0.82% gain from the previous week, Ethereum ended the week at $182.25.

A bullish start to the week saw Ethereum rise by 2.2% on Sunday to strike an intraweek high $187.59 before hitting reverse.

Falling short of the first major resistance at $193.21, Ethereum fell back to $183 levels before finding support mid-week.

A recovery to $189 levels was short-lived, however, with Ethereum sliding to a Friday intraweek low $177.0.

The reversal saw Ethereum fall through the first major support level at $177.72 before finding support from the broader market.

A 1.37% gain on Saturday cut the deficit for the week.

For the week ahead

Ethereum would need to hold onto $182 levels to support the recovery of last week’s losses.

Support from the broader market would be needed, however, for Ethereum to break through the first major resistance level at $187.56.

Barring an extended crypto rally, the first major resistance level and last week’s high $187.59 would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $192.87 would likely come into play.

Failure to hold onto $182 levels could see Ethereum hit reverse in the week.

A pullback to sub-$180 levels would bring the first major support level at $176.97 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $171.69.

At the time of writing, Ethereum was up by 0.37% to $182.93.

ETH/USD 17/11/19 Weekly Chart

Leave a Reply

Your email address will not be published. Required fields are marked *