Ethereum Coin Analysis – Resistance Levels in Play – 20/02/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Resistance

It’s been a particularly bullish start to the week for Ethereum. Following a 6.79% gain in the week ending 18th February, Ethereum surged by 9.29% on Monday before hitting choppier waters on Tuesday.

The gains came off the back of a 16.95% rally in the week ending 11th February that has ultimately created some distance from mid-December’s swing lo $80.60.

A trend-bucking 1.31% fall on Tuesday did little to dent the momentum seen through February.  Ethereum was one of a number of the top 10 cryptos, by market cap, to see red on the day. For the current month, Ethereum is now up 34.88% and by 77% from December’s swing lo.

The early in the week rally saw Ethereum strike a week high $149.47 on Tuesday before easing back to $142 levels. The rally saw Ethereum break through the week’s first major resistance level at $138.65 and second major resistance level at $144.97.

A start of a week low $131.05 saw Ethereum steer well clear of the week’s first major resistance level at $121.51 as the weekend rally continued.

Holding onto $140 levels through Tuesday was key. Ethereum will need to avoid pullback through to sub-$138 levels ahead of the weekend.

For the bulls, a run of 4 consecutive days in the green came to an end. The end of the run could spell trouble as the broader market saw green on the day.

In spite of the solid gains since a mid-December swing l0 $80.60, the extended bearish trend remained intact.  Ethereum continued to fall well short of the 23.6% FIB Retracement Level of $257 and more importantly, the 38.2% FIB of $367.

At the time of writing, Ethereum was up by 0.27% to $143.07. Following Tuesday’s trend-bucking fall, support kicked in at the start of the day. Ethereum rose from a morning low $142.50 to a morning high $143.50 before easing back.

The week’s major support remained untested early. For the bulls, Ethereum continued to hold above the first major resistance level at $138.65.

ETH/USD 20/02/19 Weekly Chart

For the remainder of the week

A hold onto $140 levels through the middle of the week would support another run at the first major resistance level at $144.97. A break back through to $145 levels would bring the current week’s high $149.47 into play before any pullback.

For Ethereum to move through to $150 levels, considerable support from the broader market would be needed going into the weekend. A late Tuesday reversal across the broader market could test the latest rally mid-week.

Failure to hold onto $140 levels mid-week could see Ethereum give up some of the current week’s gains. A pullback through Tuesday’s low $142.46 could see Ethereum fall through to sub-$140 levels before any recovery.

We would expect some profit taking to test investor resolve mid-week. However, Ethereum would likely steer well clear of sub-$130 levels and the week’s first major support level at $121.51, in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $121.51

Major Resistance Level: $138.65

23.6% Fib Retracement Level: $257

38% Fib Retracement Level: $367

62% Fib Retracement Level: $543

JP Morgan Launches JPM Coin – Is This Good for the Cryptocurrency Community?

Despite JP Morgan CEO, Jamie Dimon, speaking badly about Bitcoin in the past, he did note the value that he sees in the underlying blockchain technology, which is exactly what JPM Coin utilizes. Specifically, JPM Coin is based on a distributed ledger platform called Quorum, an Ethereum fork built by JP Morgan and partners.

JPM Coin seems to be the first move, of many, that the firm may take in using blockchain technology for their payments.

Umar Farooq, the head of JP Morgan’s blockchain projects told CNBC: “so anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he said. “The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

JPM Coin still needs to be tested with international payments, but this is arguably one of the largest and most mainstream use-cases the blockchain industry has seen yet. Trials for JPM Coin will take place over the next few months.

If all goes well, it would be no surprise to see blockchain be used by banks to settle security transactions, retail transactions, and more. As Faqrooq mentioned, the opportunities are seemingly endless.

While this is arguably good news, the blockchain community has some reservations.

Is JPM Coin a Cryptocurrency?

Technically, yes, since it uses blockchain technology and uses encryption to secure data to the ledger. But, it’s worth noting that blockchain technology shines the brightest when used in a decentralized manner. JPM Coin, on the other hand, is centralized, used as an IOU to redeem fiat money, and does not use blockchain to replace any third party. Many are referring to JPM Coin as a stablecoin, simply a token backed by USD.

In other words, JPM Coin is hardly a cryptocurrency in the purest sense. Instead, it is a token used within a payment system, which could have been created many years before the blockchain revolution. Some feel that they are using blockchain technology due to the hype.

The purpose of blockchain technology (and Bitcoin, that came along with it) was to offer a peer-to-peer electronic cash system for people to transact individually without the need for a central bank, like JP Morgan. Many argue that Bitcoin was created in direct response to the financial crisis in 2008 given the January 2009 release of Bitcoin. Because of this, most early cryptocurrency adopters are laughing at JPM Coin, noting the direct irony of the situation – cryptocurrencies were made to avoid banks altogether.

Some cryptocurrency adopters are much more practical – acknowledging the need to integrate with existing payment networks. These enthusiasts will most likely take advantage of JPM Coin to boost the blockchain narrative, even for decentralized applications, proving to skeptics that there is real use to the technology.

Image source: https://www.flickr.com/photos/jurvetson/8362210873

Altcoins Weekly Analysis – BNB, EOS and XLM – 17/02/19

Cryptomania

Binance (“BNB”)

BNB rose by 2.47% in the week ending 16th February. Following on from a 29.3% rally from the previous week, BNB ended the week at $9.251.

A particularly bullish start to the week saw BNB rally to a Monday intraweek high $10.083 before hitting reverse. The early rally saw BNB break through the week’s first major resistance level at $9.9369 and the 38.2% FIB Retracement Level of $9.5269.

The reversal saw BNB slide to a Thursday intraweek low $8.5216 before finding support from the broader market.

Steering clear of the week’s first major support level at $7.3909, BNB broke back through to $9.00 levels and the 38.2% FIB on Friday before easing back.

For the week ahead,

BNB would need to move through $9.2850 levels to support another run at $10.00 levels. A breakthrough to $10.00 levels would bring the week’s first major resistance level at $10.0488 into play before any pullback.

For the BNB bulls, the 38.2% FIB remains a key line in the sand.

Following some relatively bullish moves through February, BNB up by 45.6% for the current month, we would expect BNB to fall short of the second major resistance level at $10.8466 and $11 levels in the week.

Failure to move through to $9.2850 levels could see BNB hit reverse. A pullback to sub-$9.00 levels would bring last week’s low $8.5216 and this week’s first major support level at $8.4874 into play before any recovery.

We would expect BNB to avoid heavier losses and a pullback to sub-$8.00 levels in the week, in the event of a reversal.

At the time of writing, BNB was up by 0.13% to $9.2391.

BNB/USD 17/02/19 Weekly Chart

EOS

EOS rose by 0.57% in the week ending 16th February. Following on from a 13.31% rally from the previous week, EOS ended the week at $2.8301.

A relatively bullish start to the week saw EOS rally to a Tuesday intraday week high $3.066, breaking through the week’s first major resistance level at $3.0236 before hitting reverse.

Sliding from $3.00 levels, EOS fell back to $2.7 levels before finding support late in the week to move back into the green and end the week at $2.80 levels.

A start of a week intraday week low $2.6954 saw EOS steer well clear of the week’s first major support level at $2.459, with a hold above $2.67 levels through the week key to avoiding losses that were seen elsewhere in the cryptomarket.

For the week ahead,

A move through to $2.8650 levels would support another run at $3.00 levels to bring the week’s first major resistance level at $3.0323 into play before any pullback.

While we would expect EOS to continue to fall well short of $4.00 levels, a broad-based crypto rally could bring the second major resistance level at $3.2344 into play before any pullback. The rally would need to be a significant one, however, with Bitcoin needing to take a run at $4,000 levels to deliver an EOS breakout.

Failure to move through to $2.8650 levels could see EOS take a slide through last week’s low $2.6954 to bring the first major support level at $2.6617 into play.

Barring a broad-based crypto sell-off, we would expect EOS to find sufficient support to avoid sub-$2.60 levels and the second major support level at $2.4932.

At the time of writing, EOS was up by 0.86% to $2.8545.

EOS/USD 17/02/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 3.09% in the week ending 16th February. Following on from a 3.29% slide from the previous week, Stellar’s Lumen ended the week at $0.07940.

Stellar’s Lumen had a bearish start to the week. Falling from $0.0826 levels, Stellar’s Lumen slid to a Thursday intraday week low $0.07596 before finding support. In spite of the reversal, Stellar’s Lumen steered clear of the week’s first major support level at $0.0747.

A broad-based cryptomarket rally on Friday provided much-needed support, with Stellar’s Lumen rallying to an intraweek high $0.0830 before sliding back to sub-$0.0800 levels.

The day’s rally saw Stellar’s Lumen come up well short of the week’s first major resistance level at $0.0863 before the pullback.

For the week ahead,

A move through $0.0795 levels would support a move back through to $0.080 levels and a run at the week’s first major resistance level at $0.0830.

Support from the broader market would be needed for Stellar’s Lumen to hold onto $0.080 levels through the week, with resistance at $0.080 continuing to pin Stellar’s Lumen back from a breakout.

Barring a broad-based crypto rally, we would expect Stellar’s Lumen to come up short of the week’s second major resistance level at $0.0865.

Failure to move through $0.0795 levels and hold could see Stellar’s Lumen call on support at the week’s first major support level at $0.0759 before any recovery.

Barring a broad-based crypto sell-off, we would expect Stellar’s Lumen to avoid heavier losses and the second major support level at $0.0724. Last week’s low $0.07596 will likely to limit the downside.

At the time of writing, Stellar’s Lumen was up by 0.80% to $0.07877.

XLM/USD 17/02/19 Weekly Chart

Binance Coin Analysis – Support Levels Eyed – 13/02/19

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Binance Coin Price Support

It’s been a mixed start to the week for Binance. Binance managed a 3.3% rise on Monday before hitting reverse. Monday’s gain came off the back of a 35.5% rise from last week.

The Monday rally saw Binance strike an early week high $9.936 before hitting reverse on Tuesday. The reversal saw Binance slide from an early morning high $9.888 to an early in the week low $9.0564 before finding support. Binance ended Tuesday with a 2.3% loss.

Steering well clear of the week’s first major support level at $7.4909, the key through the early part of the week was holding onto $9.00 levels.

In spite of the solid gains since early December’s swing lo $4.1724, the extended bearish trend remains intact.

Moves through the early part of this week saw Binance attempt a breakout from the 38.2% FIB Retracement Level of 9.5269. Selling pressure led to a fall back through the 38.2% FIB.  In spite of the pullback, Binance managed to hold well above the 23.6% FIB Retracement Level of $7.4804.

At the time of writing, Binance was down by 2.25% to $9.2154.  Binance fell from the start of a day morning high $9.5577 to a morning low $9.1101 before finding support. The early moves saw Bucking the trend from across the broader market

While steering clear of the week’s major support level at $7.4909, the pullback saw Binance call on support at $9.00 levels and the day’s first major support level at $8.9331 in the early hours.

BNB/USD 13/02/19 Weekly Chart

For the remainder of the week

Binance would need to hold onto $9.00 levels to support a mid-week recovery. Tuesday and this morning’s slides have pulled Binance into the red for the current week.

Having bucked the trend from the broader market in recent weeks, a move back through Tuesday’s end of day $9.428 to $9.50 levels would be needed to support a run at the 38.2% FIB Retracement Level of $9.5269.

However, we would expect Binance to face strong resistance at the 38.2% FIB. Binance will likely be pinned back from a run at $10.00 levels.  The week’s first major resistance level at $10.3811 will likely be left untested ahead of the weekend.

Should Binance manage breakthrough to $9.50 levels ahead of the weekend, support from the broader market could see Binance take a run at $10.00 levels before any pullback.

Failure to hold onto $9.00 levels could see Binance’s downward move accelerate through the week. A fall through $8.60 levels could bring the week’s first major support level at $7.4909 into play.  The 23.6% FIB Retracement Level of $7.4804 may also come into play before any recovery, in the event of a sell-off.

Facing the prospects of a 3rd consecutive day in the red, a 10% slide for the week wouldn’t be completely unreasonable. Following last week’s rally, some of the cream is likely to come off the top.

Looking at the Technical Indicators

Major Support Level: $7.4909

Major Resistance Level: $10.3811

Fib 23.6% Retracement Level: $7.4804

Fib 38% Retracement Level: $9.5269

Fib 62% Retracement Level: $12.835

Facebook’s Cryptocurrency Division Acquires Blockchain Startup

Diagonal chain, a blockchain concept, gray closeup

Still, it’s helpful to understand Chainspace’s mission. Chainspace is creating a scalable smart contract platform led by a team of researchers. They are focused on ways to open more throughput (transactions per second) on blockchain networks and studying use-cases outside of monetary transactions such as voting.

Evidently, they also plan to keep their work open-source – which is good.

The Chainspace website currently reads:
We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”

According to Cheddar, four of the five researchers listed as authors on their academic whitepaper will be joining the Facebook team. Two in particular – “Alberto Sonnino and George Danezis, already list their employment as blockchain researchers in Facebook’s ($FB) London office on LinkedIn.”

A Facebook spokesperson responded vague and unclear plans for the future:

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

What we do know is that last year there were reports of Facebook working on a possible stablecoin to be used in their popular chatting platform, WhatsApp. Nothing about this has been released to date, but it would be interesting to see how WhatsApp’s 1 billion daily user base affects the cryptocurrency market. While most people have mixed feelings on Facebook entering the industry, it’s generally agreed upon that this would be great exposure.

More About Community Sentiment

There is a mixed sentiment across the cryptocurrency industry with regards to social media giants entering the general blockchain space.

On one hand, blockchain technology can lend itself to offer a more transparent relationship between the corporation and end user. If properly integrated into their existing systems, there can be live dashboards showing how personal data is being used, ads are being targeted, and real accounts being created – if that can be verified.

On the other hand, corporations can begin profiting off of existing cryptocurrencies simply by integrating them. In the end, they can start to accumulate mass amounts of coins and dominate the industry. Additionally, if they were to release a stablecoin such as “Facebook Coin” to be used towards paying for on-site purchases, then it defeats the purpose of decentralization, which is where blockchain technology shines. There are centralized and permitted-blockchain use-cases, but they are narrower and not fitting for this.

Despite how the community feels, social media giants will continue to research blockchain technology and penetrate the market however they can. Even in a recent Joe Rogan interview, Twitter CEO Jack Dorsey noted his interest in blockchain technology and admitted to being a Bitcoin holder. His mentions went viral amongst the community and can be seen all around Twitter and Facebook groups.

Altcoins Weekly Analysis – EOS, IOT and XLM – 10/02/19

Cryptos

EOS

EOS rallied by 13.31% in the week ending 9th February. Following on from a 1.61% gain from the previous week, EOS ended the week at $2.814.

A relatively bearish first half of the week saw EOS fall to a Wednesday intraweek low $2.3163 before steadying.

Struggling to hold onto $2.4 levels mid-week, a broad-based crypto rally on Friday delivered the lion’s share of the weekly gain, with EOS rallying by 16.94% on the day.

Friday’s rally saw EOS break through the week’s first major resistance level at $2.5912 and second major resistance level at $2.6991.

Following on from Friday’s rally, EOS rose to an intraweek high $2.8782 on Saturday, before easing back.

For the week ahead, a hold onto $2.75 levels would provide support for further gains through the week.

A breakthrough last week’s high $2.8782 would bring $3.00 levels and the week’s first major resistance level at $3.0236 into play before any pullback.

Barring a broad-based crypto rally, we would expect EOS to be pinned back from a breakout from $3.00 levels. The the second major resistance level at $3.2332 will unlikely be tested in the week.

Failure to hold onto $2.75 levels could see EOS fall back through to $2.5 levels. A pullback would bring the week’s first major support level at $2.459 into play.

While we would expect EOS to steer clear of the second major support level at $2.104, a pullback to $2.3 levels and last week’s low $2.3136 could come into play should the market hit reverse.

At the time of writing, EOS was down 0.92% at $2.7880.

EOS/USD 10/02/19 Weekly Chart

IOTA

IOTA rose by 5.16% in the week ending 9th February. Reversing most of the previous week’s 6.08% loss, IOTA ended the week at $0.2812.

A relatively bearish first half of the week saw IOTA fall through the first major support level at $0.2464 to a Wednesday intraday week low $0.2403.

IOTA managed to recover to $0.25 levels by the end of Thursday before rallying to a Friday intraweek high $0.2901. IOTA broke through the first major resistance level at $0.2879 before easing back.

Recovering from a Saturday low $0.2751, IOTA managed to wrap up the week at $0.28 levels.

For the week ahead, a hold onto $0.28 levels through the early part of the week would support a run at $0.30 levels and the week’s first major resistance level at $0.3008.

We would expect IOTA to come up short of the second major resistance level at $0.3203. In the event of a broad-based crypto rally, $0.3100 levels could come into play.

Failure to hold onto $0.28 levels could see IOTA fall through to $0.26 levels before any recovery. Barring a broad-based crypto sell-off, we would expect IOTA to steer clear of $0.25 levels and the week’s first major support level at $0.2510.

At the time of writing, IOTA was up 1.79% to $0.2863.

IOT/USD 10/02/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 3.29% in the week ending 9th February. Following on from the previous week’s 15.38% slide, Stellar’s Lumen ended the week at $0.081184.

It was a particularly bearish start to the week. Stellar’s Lumen fell on 4 consecutive days to an intraweek low and new swing lo $0.07336 before finding support.

The reversal saw Stellar’s Lumen slide through the first major support level at $0.0765, whilst avoiding sub-$0.07 support levels.

Following a relatively range-bound Thursday, Stellar’s Lumen found support from the broader market to strike a Friday intraweek high $0.084999. In spite of the Friday recovery, Stellar’s Lumen came up short of the week’s first major resistance level at $0.0964. Stellar’s Lumen was back in the red on Saturday.

For the week ahead, a hold onto $0.08 levels would bring the week’s first major resistance level at $0.0863 into play. Support from the broader market would be needed for Stellar’s Lumen to take a run at $0.09 levels and the second major resistance level at $0.0915.

Failure to hold onto $0.08 levels could see Stellar’s Lumen fall through the week’s first major support level at $0.0747 before any recovery. Barring a broad-based crypto sell-off, we would expect sub-$0.07 support levels to be left untested.

At the time of writing, Stellar’s Lumen was down 0.33% at $0.080916.

XLM/USD 10/02/19 Weekly Chart

Tron Coin Analysis – Support Levels Eyed – 06/02/19

altcoins

Tron Coin Price Support

 

It’s been another mixed start to the week for Tron. Following last week’s 12.71% sell-off, Tron managed to bounce back with a 5.51% rally on Monday, returning to $0.028 levels before hitting reverse.

Monday’s rally saw Tron move from a start of a week low $0.0254 to an early in the week high $0.029699. The rebound saw Tron break through the week’s first major resistance level at $0.02850 before the reversal.

A 2.12% fall on Tuesday left Tron with just a 3.3% gain going into this morning, with Tron joining the broader market following a buck trending rally on Monday.

Last week’s losses and moves through the early part of this week have seen Tron’s year-to-date gains cut to 38.5%

In spite of the solid gains since late November’s swing lo $0.0111, the extended bearish trend remains intact. Tron continues to fall well short of the 23.6% FIB Retracement Level of $0.0322 and, of greater significance, late April’s swing hi $1.0041

At the time of writing, Tron was down by 1.35% to $0.026235. Tracking the broader market through the early hours, Tron fell to a week low $0.02550 before recovering to $0.026 levels. In spite of the early sell-off, Tron managed to hold above the week’s first major support level at $0.0236.

TRX/USD 06/02/19 Weekly Chart

For the remainder of the week

 

A move through to $0.0265 levels would support another run at the week’s first major resistance level at $0.0285. Following last week’s high $0.0294, Tron will continue to face plenty of resistance on the way through to $0.030 levels to pin back a breakout from the week’s first major resistance level at $0.0285.

A material shift in sentiment across the broader market would be needed ahead of the weekend to give Tron a free run at $0.030 levels. We would expect Tron to continue to fall short of the 23.6% FIB Retracement Level of $0.0322, however, in the event of a 2nd half of the week rally.

Failure to move through to $0.0265 levels could see Tron give up more of the beginning of the week gains. A fall back through the current week’s low $0.02550 would bring the week’s first major support level at $0.0236 into play.

Sentiment from the broader market will have an impact going into the weekend. A continued reversal through the week could see Tron call on support at the second major support level at $0.0216 before any recovery. We would expect sub-$0.020 support levels to be left untested in the event of a crypto meltdown.

Following Tuesday’s pullback and this morning’s bearish moves, moving back through to $0.0265 levels will be key to avoiding a more material sell-off. Tron is up by 140% from November’s swing lo, so there’s plenty of incentive for investors to lock in gains should the current broad-based crypto sell-off persist through the week.

Looking at the Technical Indicators

 

Major Support Level: $0.0236

Major Resistance Level: $0.0285

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663

Binance Opens Fiat Gateway: Debit and Credit Cards Accepted

Bitcoin card

To date, Coinbase is the largest fiat onramp for people to enter the cryptocurrency markets, but many speculate that now Binance can become a serious competitor. While this may be a threat for Coinbase, it’s a major upside for the market as a whole. The more fiat onramps that exist in the crypto space, the better.

It is worth noting that some enthusiasts in the cryptocurrency community are against fiat gateways since Binance can now gather personal information, but for the most part, the community is positive.

Along with the announcement, Binance mentioned three primary benefits of accepting credit and debit card payments:
1. Speed. Users can expect an average wait time of only 10-30 minutes before their cryptocurrencies arrive in their wallet.

  1. Low fees. Users can expect fees of only 3.5% or $10 USD – whichever is higher.
  2. Convenience. Visa and Mastercard accepted.

Currently, users can purchase Bitcoin, Ethereum, and Litecoin with fiat on Binance. From there, users can speculate on the hundreds of cryptocurrencies they offer.

Binance CEO, Changpeng Zhao commented on the matter by saying, “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

Binance enabled debit and credit card payments in partnership with Simplex, “a FinTech company providing guaranteed fraudless payment processing solutions. Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex. The cutting-edge Simplex fraud prevention solution and proprietary state-of-the-art AI technology stops fraudulent transactions and allows more legitimate ones to complete payments with ease and speed while increasing conversion rates and enabling merchants to focus on their business growth,” according to Binance’s press release.

Simplex CEO Nimrod Lehavi also commented on the partnership by mentioning that, “easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”

Binance has the largest trading volume and is capable of processing over 1.4 million orders per second, which is partially why they have gained the community’s trust. Most cryptocurrency exchanges cannot handle this amount.

Hopefully in the future, more cryptocurrencies can be purchased with fiat, but for now, the three major ones they listed is a good start. The more cryptocurrencies that are exposed to direct fiat relationships will undoubtedly perform better. Perhaps the reason that Bitcoin, Litecoin, and Ethereum are valued so highly is because they are the main bridges connecting the fiat and cryptocurrency worlds. Users around the world have no choice but to purchase these before investing in other alternative cryptocurrencies (altcoins).

Altcoins Weekly Analysis – EOS, ETH and TRX – 03/02/19

EOS

EOS gained 1.61% in the week ending 2nd February. Partially reversing a 2.39% loss from the week before, EOS eneded the week at $2.4833.

A bearish start to the week saw EOS slide from a Sunday high $2.4737 to a Monday intraday week low $2.1830 before finding support. The pullback saw EOS fall through the first major support level at $2.3097 to come within range of the second major support level at $2.1743.

Recovering through the remainder of the week, EOS rallied to an end of week intraweek high $2.4950 before easing back. The first major resistance level at $2.5634 was left untested through the week.

For the week ahead, EOS will need to hold onto $2.4 levels to support a move through last week’s high $2.495, and to bring $2.5 levels and the week’s first major resistance level at $2.5912 into play. Following last week’s gain, support from the broader market would be needed for EOS to take a run at $2.6 levels. We would expect the week’s second major resistance level at $2.6991 to be left untested.

Failure to hold onto $2.4 levels could see EOS reverse last week’s gains. A fall through $2.38 levels and the first major support level at $2.2792 could see EOS call on support at the second major support level at $2.0751 before any recovery. Heavier losses would not be expected in the event of a sell-off.

At the time of writing, EOS was down 0.95% to $2.4596.

EOS/USD 03/02/19 Weekly Chart

Ethereum

Ethereum fell by 4.96% in the week ending 2nd February. Following on from a 6.65% slide in the previous week, Ethereum ended the week at $109.3.

Tracking the broader market, Ethereum slid from a start of a week intraweek high $115.45 to a Monday intraweek low $100.9 before recovering. While managing to avoid sub-$100 levels, a fall through the first major support level at $109 and second major support level at $103 left Ethereum with 3 consecutive days in the red.

Unable to break through to $116 levels, Ethereum fell well short of the week’s major resistance levels to leave the extended bearish trend firmly intact.

For the week ahead, Ethereum will need to move through to $109 levels to support a breakthrough to $110 levels. Barring a broad-based cryptomarket rally, we would expect Ethereum to come up short of the week’s first major resistance level at $116.20.  Last week’s high $115.45 will likely to pin Ethereum back.

Failure to move through to $109 levels could see Ethereum face the prospects of a 4th consecutive week in the red.

A pullback through $105 levels would likely see Ethereum call on support at the first major support level at $101.65. Heavier losses could be on the cards. A dip to sub-$100 levels is in play should a broad-based cryptomarket sell-off kick in. We would expect Ethereum to steer clear of the second major support level at $94.00.

At the time of writing, Ethereum was down 0.75% to $108.48.

ETH/USD 03/02/19 Weekly Chart

Tron’s TRX

Tron slid by 8.51% in the week ending 2nd February. Partially reversing the previous week’s 17.8% rally, Tron ended the week at $0.02651.

A bullish start to the week saw Tron rally to a Sunday intraweek high $0.03123 before hitting reverse. Tron came up against the first major resistance level at $0.03150. Tron fell short of the 23.6% FIB Retracement Level of $0.0322 to leave the extended bearish trend intact.

Bearish through the remainder of the week, Tron fell to a Friday intraweek low $0.0245 before recovery. The reversal saw Tron fall through the first major support level at $0.0252 before moving back through to $0.026 levels.

For the week ahead, Tron will need to move through to $0.0275 levels to take a run the first major resistance level at $0.03030. Tron will need support from the broader market to bring last week’s high $0.03123 into play. We will expect the 23.6% FIB Retracement Level of $0.0322 to be left untested.

Failure to move through to $0.02750 levels could see Tron take a bigger hit in the week. A fall through last week’s low $0.0245 would bring the first major support level at $0.0236 into play. Barring a broad-based cryptomarket rally, we would expect heavier losses and the second major support level at $0.02070 to be left untested in the week.

At the time of writing, Tron was down 1.04 % to $0.026232.

TRX/USD 03/02/19 Weekly Chart

Tron Coin Analysis – Looking for a Rebound – 30/01/19

Crypto

Tron Coin Price Support

It’s been a mixed start to the week for Tron. Following last week’s 22.97% rally, the bears took a bite out of the bulls on Monday. A broad-based crypto sell-off weighed on Tron, which slid by 7.21% before finding support on Tuesday to buck the broader market trend with a 1.06% rise.

A Monday low $0.025446 for the current week saw Tron hold above the week’s first major support level at $0.02490 before recovering to $0.028 levels. A start of a week high $0.02940 saw Tron come within range of $0.030 levels, whilst falling well short of the 23.6% FIB Retracement Level of $0.0322 and the week’s first major resistance level at $0.0326.

For the current week, Tron was down by 5.74%, Monday through Tuesday, with the losses coming from the Monday sell-off.

In spite a bullish start to the year, Tron up by 44% for the current month, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall short of the 23.6% FIB Retracement Level of $0.0322.

At the time of writing, Tron was up by 1.88% to $0.028185. Moves through the early morning saw Tron recover from a start of a day dip. Tron rose from a morning low $0.027183 to strike a morning high $0.028206 before easing back.

For the remainder of the week, holding onto $0.28 levels through the middle part of the week would support another run at $0.030 levels. We would expect Tron to face plenty of resistance on a run at $0.0290 levels. A breakthrough the start of the week high $0.0294 would be needed to drive momentum going into the weekend.

Barring a broad-based crypto rally, we would expect Tron to be pinned back by the 23.6% FIB and first major resistance level at $0.0326 in the event of a crypto rebound.

Failing to hold onto $0.028 levels could see Tron pullback ahead of the weekend. A fall through to $0.026 levels will likely bring the week’s low $0.02545 and the first major support level at $0.0249 into play before any recovery.

Barring a meltdown, we would expect Tron to steer clear of the week’s second major support level at $0.0205.  Tuesday’s trend-bucking move should give Tron some downside protection in the event of bearish moves elsewhere in the cryptomarket.

After Monday’s sell-off, it’s ultimately going to boil down to holding above key levels. Investors will likely jump ship and lock in solid gains since November’s swing lo, in the event that there’s a hint of another sell-off.

TRX/USD 30/01/19 Weekly Chart

Looking at the Technical Indicators

 

Major Support Level: $0.03260

Major Resistance Level: $0.02490

Fib 23.6% Retracement Level: $0.0322

Fib 38% Retracement Level: $0.0452

Fib 62% Retracement Level: $0.0663