EOS trading: EOS Looks For a Potential Support, Is It a Reverse Level?

EOS trading: EOS Looks For a Potential Support, Is It a Reverse Level?
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EOS Price Analysis – April 24

After driving through the 100-days moving average line, the cryptocurrency has been falling. The next bear rally is likely to drop price t $4.2. However, it is not advisable to buy EOS/BTC now a further drop may result to lose. But shorting EOS/USD could be a reasonable entry for traders. As of the time of writing, EOS is down by -10%.

EOS/USD Market

Key Levels:
Resistance levels: $5.5, $6
Support levels: $4.2, $3.6

In late March, EOS climbed up the 100-day moving average (yellow line) and followed a higher high and higher low move until price action crosses down the yellow line which retraced before price trends lower. The next key support levels for a downtrend are $4.2 and $3.6.

EOS/USD-4H-Chart-April-24

For an upside move, a bearish retracement is likely to retest a major resistance at $5.5 level. As currently revealed on the 4-hours RSI indicator, EOS/USD market is following a bearish scenario; now trading at the oversold condition.

The price may rise above the red trend line. A crossover could lead to a bullish RSI. Significantly, the Stochastic RSI is revealed at the lowest condition. A potential buying pressure could hit the mentioned resistance level.

However, future trading would tell how far the bear can hold the market down.

EOS/BTC Market

EOS had extremely trend lower after crossing the 100-day moving average line (yellow) which has now become a resistance line for the market. Still falling, the token is looking for a bottom around the early March low at 0.00085BTC.

Once price locates support, we may see a slight around 0.0009BTC and 0.00095BTC high before the bearish rally continues to drop.

EOS/BTC-4H-Chart-April-24

Apparently, the 4-hours RSI has extremely reached the oversold region with no sign of a turn-up. Confirming the bearish scenario, the 4-hours Stochastic RSI is reflected at the lowest level; suggesting the current selling pressure in the market.

For the bulls to regain momentum, we need to see price above the break level of 0.00105 high. For now, the EOS/BTC market is on a medium-term bearish.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management