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

> 78 Articles
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

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