Altcoins Weekly Analysis – BNB, EOS and ETH – 09/06/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.48% in the week ending 8th June. Following on from a 5.41% fall from the previous week, Binance Coin ended the week at $31.84.

A particularly bearish start to the week saw Binance Coin slide from a Sunday intraweek high $34.42 to a Tuesday intraweek low $28.06.

Falling well short of the major resistance levels, Binance Coin fell through the 23.6% FIB of $30.5 and first major support level at $29.3.

4 consecutive days in the green cut the deficit for the week, with Binance Coin managing to move back through the 23.6% FIB.

For the week ahead,

A move through to $31.5 levels would be needed to support a bullish week ahead. Binance Coin would need to move through to $32 levels, however, to bring the first major resistance level at $34.82 into play.

Support from the broader market would be needed for Binance Coin to break out from $34 levels.

Barring a crypto rally, the first major resistance level and last week’s high $34.42 would limit any upside in the week.

Failure to move back through to $31.5 levels could see Binance Coin see red for a 3rd consecutive week.

A pullback through to $30 levels would likely bring the 23.6% FIB of $30.5 into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer clear of the first major support level at $28.46.

At the time of writing, Binance Coin was down by 1.39% to $31.40.

BNB/USD 09/06/19 Weekly Chart

EOS

EOS tumbled by 17.3% in the week ending 8th June. Reversing most of the previous week’s 20.84% rally, EOS ended the week at $6.3741.

A bearish 1st half of the week saw EOS slide from a Sunday intraweek high $8.00 to a Thursday intraweek low $5.9182.

The reversal saw EOS slide through the 23.6% FIB of $6.62 and first major support level at $6.3974 before finding support.

Relatively range-bound through the 2nd half of the week, EOS recovered to $6.8 levels before easing back through the 23.6% FIB and first major support level.

The 23.6% FIB of $6.62 pinned EOS back through to the end of the week.

For the week ahead,

A move back through the 23.6% FIB of $6.62 to $6.77 levels would support a resumption of the upward trend.

EOS would need support from the broader market, however, to break through to $7.00 levels and bring the first major resistance level at $7.61 into play.

In the event of a broad-based crypto rally, EOS could touch $8.00 levels before any pullback. The second major resistance level at $8.8459 would likely limit any upside in the event of a breakout.

Failure to move back through to $6.77 levels could see EOS hit reverse once more. A pullback through $6.10 levels would sub-$6.00 levels and the first major support level at $5.5282 into play.

Barring a crypto meltdown, however, EOS will likely steer well clear of sub-$5.00 levels.

At the time of writing, EOS was down by 1.2% to $6.2976.

EOS/USD 09/06/19 Weekly Chart

Ethereum

Ethereum fell by 7.71% in the week ending 8th June. Reversing a 5.26% gain from the previous week, Ethereum ended the week at $244.3.

A bullish start to the week saw Ethereum rise to a Sunday intraweek high $274.75 before hitting reverse.

Falling well short of the first major resistance level at $290.55, Ethereum slid to Wednesday intraweek low $233.00.

The reversal saw Ethereum fall through the 23.6% FIB of $257 and first major support level at $237.22 before finding support.

Range-bound through the 2nd half of the week, Ethereum moved back through the first major support level. The recovery wasn’t enough, however, for Ethereum to break back through the 23.6% FIB of $257.

For the week ahead,

A move back through to $250 levels would be needed to support the recovery of last week’s losses.

Ethereum would need the support of the broader market, however, to break out from the 23.6% FIB of $257.

Barring a broad-based crypto rebound, Ethereum would likely come up short of the first major resistance level at $268.37.

In the event of a crypto market rebound, Ethereum could touch $270 levels before any pullback.

Failure to move back through to $250 levels could see Ethereum take another weekly hit.

A fall back through to $235 levels would bring the first major support level at $226.62 into play before any recovery.

Barring a broad based-crypto sell-off, Ethereum would likely steer clear of the second major support level at $208.93.

At the time of writing, Ethereum was down by 1.22% at $241.33.

ETH/USD 09/06/19 Weekly Chart

A Bitcoin Return to $8,000 Would Give the Majors a Boost

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Bitcoin gained 1.25% on Wednesday. Partially reversing a 5.02% slide from Tuesday, Bitcoin ended the day at $7,789.3.

A choppy start to the day saw Bitcoin rise from a morning low $7,692.8 to a late morning intraday high $7,936.5.

Steering clear of the major support levels, Bitcoin moved back through the 23.6% FIB of $7,718 before hitting reverse.

The reversal saw Bitcoin fall back through the 23.6% FIB to an early afternoon intraday low $7,593.9.

Bitcoin managed to hold above the first major support level at $7,429.87 and move back through the 23.6% FIB and into positive territory late in the day.

Following a particularly bullish month in May, Bitcoin’s failure to move on from last week’s 2019 high $9,109 has continued to contribute to Bitcoin’s struggles at sub-$8,000.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag on Wednesday for the majors.

Leading the way on Wednesday was Binance Coin, which rallied by 5.46% to cut the current week deficit to 6.89%.

Bitcoin Cash ABC came in a distant second, rising by 3.34%. Ethereum and EOS made more modest gains of 2.23% and 1.93% respectively. Ripple’s XRP ended the day flat, with just a 0.36% gain.

Bucking the trend on the day were Bitcoin Cash SV and Stellar’s Lumen. The pair ended the day down by 5.67% and by 1.31% respectively.

It’s been a particularly choppy week, with Bitcoin Cash SV the only top 10 cryptos to sit in positive territory. For the current week, Monday through Wednesday, Bitcoin Cash SV was up by 14.2%.

Leading the majors on the slide was EOS, which was down by 16.93%. Bitcoin (-10.9%), Bitcoin Cash ABC (-10.6%) and Stellar’s Lumen (-11%) also saw double-digit losses through the first half of the week.

24-hour trading volumes slid back from $80bn levels from Tuesday to $71bn levels in the early hours of this morning.

The bearish first half of the week left the total crypto market cap at $250.1bn at the time of writing, down from $275.9bn on late Sunday.

This Morning,

At the time of writing, Bitcoin was up by 0.63% to $7,838.3. A positive start to the day saw Bitcoin rise from a morning low $7,757.0 to a high $7,866.7 before easing back.

The relatively range-bound start to the day saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, it was a mixed bag for the top 10. Bitcoin Cash SV and EOS saw red early on, falling by 2.95% and by 0.22% respectively.

The rest of the majors were in positive territory, with Binance Coin leading the way, up by 1.96% at the time of writing.

BTC/USD 06/06/19 Daily Chart

For the day ahead

Bitcoin would need to hold onto $7,800 levels through the morning to support a run at the first major resistance level at $7,952.57.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,900 levels.

Barring a broad-based crypto rally, Bitcoin will likely fall short of the second major resistance level at $8,115.83. Wednesday’s high $7,936.5 and the first major resistance level would likely pin Bitcoin back on the day.

Failure to hold onto $7,800 levels could see Bitcoin hit reverse. A fall through the morning low $7,757.0 would bring $7,600 levels and the first major support level at $7,609.97 into play.

Barring a crypto meltdown, we would expect Bitcoin to steer clear of sub-$7,600 levels on the day.

Ethereum Analysis – Support Levels in Play – 05/06/19

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Ethereum Price Support

It’s been a choppy start to the week for Ethereum. Following last week’s 5.26% gain, Ethereum is down by 8.99%, Sunday through Tuesday.

A bullish start to the week saw Ethereum rise to a current week high $274.75 before hitting reverse.

Falling well short of the week’s first major resistance level at $290.55, Ethereum slid to a Tuesday current week low $233.0.

2 heavy days of losses, saw Ethereum fall through the week’s first major support level at $237.22 before finding support.

A 1.68% gain on Sunday was reversed with interest on Monday, with Ethereum sliding by 7.3%.

The Monday pullback saw Ethereum fall through the 23.6% FIB of $257 before Tuesday’s slide through the week’s major support level.

Following a 66.9% rally in May, it’s been a choppy start to the month for Ethereum. The current week pullback through to the end of Tuesday left Ethereum down by 9.99% for the current month.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall well short of the 38.2% FIB Retracement Level of $367, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend. The bearish start to the month of June could further test support levels before any recovery.

At the time of writing, Ethereum was up by 0.03% to $241.00.

ETH/USD 05/06/19 Weekly Chart

For the remainder of the week

A move through to $245 levels would support a run at the 23.6% FIB Retracement Level of $257.

Ethereum would need support from the broader market, however, to break out from any return to $240 levels.

In the event of a broad-based crypto rebound, a move through to $263 levels would be needed for Ethereum to reverse the current week losses.

We would expect Ethereum to fall short of the first major resistance level at $290.55, however. Last week’s high $288.77 and bearish start to the week will likely cap the upside for the week.

Barring a broad-based crypto rebound, Ethereum will likely come up short of $270 levels on the week.

Failure to move back through to $245 levels could see Ethereum come under more selling pressure.

A fall back through the first major support level at $237.22 could bring $220 levels into play before any recovery.

Barring an extended broad-based crypto sell-off, however, Ethereum will likely steer well clear of the week’s second major support level at $209.67.

Looking at the Technical Indicators

 

Major Support Level: $237.22

Major Resistance Level: $290.55

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

The Crypto Meltdown – Bitcoin Back at sub-$8,000

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin slumped by 7.33% on Monday. Reversing a 2.26% gain from Sunday, Bitcoin ended the day at $8,099.2.

Bearish through the day, Bitcoin fell from a start of a day intraday high $8,740.1 to an early afternoon low $8,300.

The morning sell-off saw Bitcoin fall through the first major support level at $8,578.4 and second major support level at $8,416.7.

Brief support led to recovery to $8,500 before a sell-off in the final hour of the day. Bitcoin tumbled from $8,459.8 to close out the day at $8,099.2.

The sell-off saw Bitcoin slide through the day’s major support levels and end the day below the third major support level at $8,131.7.

Following a particularly bullish month in May, Bitcoin’s failure to move on from last week’s 2019 high $9,109 contributed to the latest pullback.

Elsewhere,

Across the top 10 cryptos, it was a sea of red across the broader market, with Bitcoin Cash SV the only major to close out the day in the green.

Bitcoin Cash SV rallied by 18% on the day to outgun its bitter rival Bitcoin Cash ABC, which slid by 9.08%.

On the day, EOS was the worst performer, tumbling by 13.63%. Ethereum (-7.31%), Binance Coin (-7.42%), and Litecoin (-7.68%) also ended the day deep in the red.

Stellar’s Lumen and Ripple’s XRP saw more modest losses of 5.45% and 6.28% respectively.

24-hour trading volumes slid back from $100bn levels from last Friday to sub-$80bn levels in the early hours of this morning. The sell-off wiped $23bn off the total crypto market cap, which fell from $275bn levels to sub-$252bn levels this morning.

This Morning

At the time of writing, Bitcoin was down by 1.72% to $7,960.1. A bearish start to the day saw Bitcoin slide from a morning high $8,099.2 to a low $7,777.0.

The reversal saw Bitcoin fall through the first major support level at $7,840.77 to come within range of the 23.6% FIB of $7,718.

Elsewhere, it was red across the board as Monday’s late sell-off spilled into Tuesday morning.

Leading the way down was Stellar’s Lumen, which was down by 3.67% at the time of writing.

BTC/USD 04/06/19 Daily Chart

For the day ahead

Bitcoin would need to move back through this morning’s high $8,099.2 to shift sentiment across the broader market.

A move back through to $8,100 levels would support a run at $8,290 levels later in the day. Bitcoin would need support from the broader market, however, to recoup Monday’s losses.  Bitcoin would need to move through to $8,350 take a run at the first major resistance level at $8,548.87.

Barring a morning rebound, Bitcoin will likely struggle to move back through to $8,200 levels on the day.

Failure to move back through  $8,099.2 could see Bitcoin come under more selling pressure on the day.

Steering clear of the 23.6% FIB of $7,718 will be key on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 02/06/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 5.41% in the week ending 1st June. Partially reversing a 22.19% rally from the previous week, Binance Coin ended the week at $33.333.

A choppy start to the week saw Binance Coin strike a Sunday intraweek high and new swing hi $38.646 before hitting reverse.

Coming up against the first major resistance level at $38.867, Binance Coin slid to a Wednesday low $30.888 before finding support.

Holding above the first major support level at $28.50, Binance recovered to $34 levels before sliding to a Thursday intraday low $29.939.

While leaving the first major support level at $28.50 untested, Binance Coin found support at $30 to reduce the deficit over the weekend.

For the week ahead,

A move through to $34 levels would support a run at the first major resistance level at $38.006 before any pullback.

Support from the broader market would be needed, however, for Binance Coin to look to break out from $34 levels.

A broad-based crypto rally through the week would bring $40 levels into play before any pullback. Binance Coin would likely come up short of the second major resistance level at $42.78, however.

Failure to move back through to $34 levels could see Binance Coin see red for a 2nd consecutive week.

A pullback through to $31 levels would likely bring the 23.6% FIB of $30.5 into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer clear of sub-$30 levels and the first major support level at $29.299.

At the time of writing, Binance Coin was up 0.03% to $33.342.

BNB/USD 02/06/19 Weekly Chart

EOS

EOS rallied by 20.84% in the week ending 1st June. Following on from an 8.54% gain from the previous week, EOS ended the week at $7.71.

A bullish start to the week saw EOS rally from an intraweek low $6.2112 to a Thursday high $8.4790.

The early rally saw EOS break through the major resistance levels and, more significantly, the 23.6% FIB of $6.62.

A choppy Thursday saw EOS slide back through the third major resistance level at $8.0031 and second major resistance level at $7.1212 before bouncing back.

Holding above the first major resistance level at $6.7522 and 23.6% FIB of $6.62, EOS struck an intraweek high $8.6503.

A bearish end to the week left EOS back at sub-$8.00 levels on Saturday.

For the week ahead,

A move back through to $8.00 levels would support another bullish week ahead. EOS would need to break through to $8.30 levels to bring the first major resistance level at $8.8365 into play.

Support from the broader market would be needed, however, for EOS to breakout from last week’s high $8.6503.

In the event of a broad-based crypto rally, the 38.2% FIB of 9.76 and the second major resistance level at $9.9629 could come into play.

Failure to move back through to $8.00 levels could see EOS hit reverse. A pullback through $7.55 levels would bring sub-$7.00 levels into play before any recovery.

Barring a crypto meltdown, however, EOS will likely steer clear of the 23.6% FIB of $6.62.

At the time of writing, EOS was up by 3.26% to $7.9617.

EOS/USD 02/06/19 Weekly Chart

Ethereum

Ethereum rose by 5.26% in the week ending 1st June. Following on from a 7.5% gain from the previous week, Ethereum ended the week at $264.78.

A bullish start to the week saw Ethereum rally to an early in the week high $279.55 before pulling back.

The early breakout saw Ethereum break through the 23.6% FIB of $257 and first major resistance level at $267.17.

Ethereum eased back to $260 levels mid-week before making a move.

Recovering from $260, Ethereum rallied to a Thursday intraday week high $288.77 before hitting reverse.

The reversal saw Ethereum fall back through the first major resistance level at $267.17 and 23.6% FIB of $257 to an intraweek low $235.44.

In spite of the reversal, Ethereum held above the first major support level at $233.52 and moved back through the 23.6% FIB to end the week at $264 levels.

For the week ahead,

A hold above $265 levels through the early part of the week would support another bullish week ahead.

Ethereum would need to move through to $275 levels in the early part of the week to support a run at the first major resistance level at $290.55.

Support from the broader market would be needed, however, for Ethereum to take a run at $280 levels and last week’s high $288.77.

Failure to hold above $265 levels could see Ethereum hit reverse. A pullback through 23.6% FIB of $257 would bring $240 levels into play before any recovery.

Barring a broad-based crypto sell-off, Ethereum would likely steer clear of the first major support level at $237.22.

At the time of writing, Ethereum was up by 2.61% to $271.7.

ETH/USD 02/06/19 Weekly Chart