EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 13/01/20

It’s a bearish start to the day as investors lock in gains from last week. Moves through to key levels by late morning would support a rebound.
Bob Mason
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EOS

 

EOS rallied by 7.57% on Sunday. Following on from a 0.34% gain from Saturday, EOS ended the week up by 19.8% to $3.2150.

Bullish throughout the day, EOS rallied from an early morning intraday low $2.9305 to a late intraday high $3.2150.

Steering clear of the major support levels, EOS broke through the first major resistance level at $3.1024. The second major resistance level at $3.2104 capped the upside on the day.

At the time of writing, EOS was down by 2.67 % to $3.1292. A bearish start to the day saw EOS fall from an early morning high $3.2107 to a low $3.1282.

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

For the day ahead

EOS would need to steer clear of sub-$3.1200 levels to support a run at the first major resistance level at $3.3098.

Support from the broader market would be needed, however, for EOS to breakout from the morning high $3.2107.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to steer clear of sub-$3.1200 levels could see EOS fall deeper into the red.

A fall through to sub-$3.1000 levels would bring the first major support level at $3.0253 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$3.00 levels and the second major support level at $2.8357.

Looking at the Technical Indicators

Major Support Level: $3.0253

Major Resistance Level: $3.3098

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.87% on Sunday. Reversing a 1.56% fall from Saturday, Ethereum ended the week up 8.34% to $146.6.

Relatively bullish throughout the day, Ethereum rose from an early morning intraday low $141.83 to a late intraday high $146.6.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $146.42 at the day end.

At the time of writing, Ethereum was down by 1.05% to $145.06. A mixed start to the day saw Ethereum rise to an early morning high $147.00 before falling to a low $144.78.

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

For the day ahead

Ethereum would need to hold onto $145 levels to support a run at the first major resistance level at $148.19.

Support from the broader market would be needed for Ethereum to break through the morning high $147.00.

Barring a broad-based crypto rebound, however, resistance at $147 would likely cap any upside.

Failure to hold onto $145 levels could see Ethereum fall further into the red.

A fall through the morning low $144.78 would bring the first major support level at $143.42 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of sub-$140 levels. The second major support level at $140.24 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $143.42

Major Resistance Level: $148.19

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 1.80% on Sunday. Reversing a 0.58% decline from Saturday, Ripple’s XRP ended the week up 10.55% to $0.21517.

A bullish start to the day saw Ripple’s XRP rally from an early morning intraday low $0.20947 to a mid-morning intraday high $0.21643.

In spite of the early moves, Ripple’s XRP left the major support and resistance levels untested.

Relatively range-bound through the rest of the day, Ripple’s XRP recovered from $0.211 levels with a final hour move into the green.

At the time of writing, Ripple’s XRP was down by 1% to $0.21301. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.21549 to a low $0.21272.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through to $0.2140 levels to support a run at the first major resistance level at $0.2179.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21549.

Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $0.2179 would likely limit any upside.

Failure to move back through to $0.2140 levels could see Ripple’s XRP take a bigger hit.

A fall back through the morning low $0.21272 would bring the first major support level at $0.2110 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.20 levels. The second major support level at $0.2067 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2110

Major Resistance Level: $0.2179

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

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

Thanks, Bob

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