Altcoins Weekly Analysis – BNB, EOS and ETH – 30/06/19
Binance Coin
Binance Coin fell by 6.28% in the week ending 29th June. Partially reversing a 14.8% rally from the previous week, Binance Coin ended the week at $35.38.
A bearish start to the week saw Binance Coin fall from a Sunday high $40.89 to a Wednesday low $32.77 before finding support.
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3-days in the red out of 4 saw Binance Coin fall through the 23.6% FIB of $34, whilst steering clear of the major support levels.
On a particularly choppy Wednesday, Binance Coin struck an intraweek high $42.91, while also falling to sub-$30 levels. Falling short of the first major resistance level at $43.48, Binance Coin slipped through the first major support level at $31.79.
In almost a repeat, Binance Coin returned to $42 levels on Thursday before falling to an intraweek low $27.03.
Binance Coin fell back through the 23.6% FIB and first major support level before finding support. Two consecutive days in the green at the end of the week led to a move back through the 23.6% FIB to $35 levels.
For the week ahead
A move back through to $35 levels would support a run at the first major resistance level at $43.18.
Binance Coin would need support from the broader market, however, to break through to $40 levels.
Barring a broad-based crypto rally, last week’s high $42.91 would likely pin Binance Coin back on the week.
Failure to move back through to $35 levels could see Binance Coin give up more ground in the week.
A fall through to $31 levels would bring the first major support level at $27.30 into play before any recovery.
Barring a broad-based crypto sell-off through the week, Binance Coin should steer clear of sub-$20 support levels.
At the time of writing, Binance Coin was down by 1.69% to $34.78.
EOS
EOS tumbled by 15.65% in the week ending 29th June. Reversing an 8.59% rally form the previous week, EOS ended the week at $6.3347.
Bearish through most of the week, EOS fell from a Sunday intraweek high $7.6435 to a Thursday intraweek low $5.5500.
Falling short of the major resistance levels, Binance Coin slid through the first major support level at $6.8957 and second major support level at $6.2813.
Of greater significance was a fall through the 23.6% FIB to visit sub-$6.00 levels for the first time since 6th June.
Partially reversing five consecutive days in the red, EOS saw green for the final 2-days of the week to return to $6.3 levels.
For the week ahead
EOS would need to move through to $6.50 levels to support a partial recovery of last week’s losses. A move through the 23.6% FIB of $6.62 to $6.80 levels would support a run at the first major resistance at $7.4688.
EOS would need the support of the broader market, however, to break out from the 23.6% FIB of $6.62.
Failure to move through to $6.50 levels could see EOS fall deeper into the red. A slide through to sub-$6.00 levels would bring the first major support level at $5.3753 into play.
Barring another crypto meltdown, however, EOS should steer clear of sub-$4.00 support levels on the week.
At the time of writing, EOS was down by 0.96% to $6.2739.
Ethereum
Ethereum rose by 2.76% in the week ending 29th June. Following on from a 14.57% rally on from the previous week, Ethereum ended the week at $317.00.
A bearish start to the week left Ethereum in the red on Sunday, 23rd June before making a move. Steering well clear of the major support levels, Ethereum rallied to a Wednesday intraweek high $364.49.
The rally saw Ethereum break through the first major resistance level at $329.02 and second major resistance level at $349.55.
Falling short of the 38.2% FIB of $367, Ethereum joined the rest of the majors in the red on Thursday. Ethereum pulled back through the resistance levels to an intraweek low $273.5.
Steering clear of the first major support level at $272.17, Ethereum found support from the broader market to recover to $300 levels.
For the week ahead
A move through to $318 levels would support further upside in the week ahead.
Ethereum would need to move through to $340 levels, however, to take a run at the first major resistance level at $363.16.
Barring a broad-based crypto rally, last week’s high $364.49 and the first major resistance level would likely cap any upside on the week.
In the event of a broad-based crypto rally, Ethereum could break through the 38.2% FIB of $367 to bring $400 levels into range.
Failure to move through to $318 levels could see Ethereum hit reverse. A fall through to sub-$300 levels would bring the first major support level at $272.17 into play before any recovery.
Barring a Bitcoin meltdown, Ethereum should steer clear of the 23.6% FIB of $257.
At the time of writing, Ethereum was down by 0.04% to $316.86.