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Binance Coin & Ethereum Daily Tech Analysis –03/09/19

Bob Mason

Binance Coin

Binance Coin rallied by 6.27% on Monday. Following on from a 2.23% gain from Sunday, Binance Coin ended the day at $22.87.

A bearish start to the day saw Binance Coin fall from an early morning high $21.73 to a late morning intraday low $21.04.

Binance Coin fell through the first major support level at $21.12 before making a move.

A bullish late morning and 2nd half of the day saw Binance Coin surge to a late intraday high $22.99.

The extended rally saw Binance Coin break through the day’s major resistance levels and hold above the third major resistance level at $22.81.

At the time of writing, Binance Coin was down by 1.51% to $22.54. A mixed start to the day saw Binance Coin rise to an early morning high $23.09 before falling to a low $22.42.

Binance Coin left the major support and resistance levels untested early on.

For the day ahead

Binance Coin would need to move back through the morning high to bring the first major resistance level at $23.57 into play.

Binance Coin would need the support of the broader market, however, to break back through to $23 levels.

Barring a broad-based crypto rally, Binance Coin would likely continue to fall short of $24 levels.

Failure to move back through the morning high could see Binance Coin slide deeper into the red. A fall through the morning low $22.39 would bring the first major support level at $21.62 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$21 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $21.62

Major Resistance Level: $23.57

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

Ethereum

Ethereum rose by 4.37% on Monday. Reversing a 0.35% fall from Sunday, Ethereum ended the day at $178.8.

Relatively range-bound through the morning, Ethereum slipped to an early morning intraday low $170.54 before recovering to a late morning high $172.63.

Ethereum steered clear of the major support and resistance levels ahead of a broad-based crypto rally through the late afternoon.

The rally saw Ethereum break through the first major resistance level at $174.17 and second major resistance level at $177.05 to strike a late intraday high $181.78.

In spite of a late pullback, Ethereum closed out the day holding above the second major resistance level.

At the time of writing, Ethereum was down by 0.39% to $178.10. A mixed start to the day saw Ethereum rise to an early morning high $179.5 before easing to a low $177.23.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to hold onto $178 levels to support a move back through to $180 levels.

Support from the broader market would be needed, however, for Ethereum to take a run at the first major resistance level at $183.54.

Barring a broad-based crypto rally, Monday’s high $181.78 and first major resistance level would likely cap any upside.

Failure to hold onto $178 levels could see Ethereum fall deeper into the red. A fall through the morning low to $176 levels would bring the first major support level at $172.30 into play.

Barring a crypto meltdown, Ethereum should steer clear of sub-$170 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $172.30

Major Resistance Level: $183.54

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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