EOS Continues Selling Pressure as the Price Fails to Rebound at Current Levels

Key Resistance levels: $4, $5, $6
Key Support Levels: $3, $2, $1

EOS/USD Price Long-term Trend: Bearish
EOS traded below the resistance at $3.60. The market is heading southward as the bulls fail to trade above the $3.60 price level. The market is approaching the previous low at $2.60. There is a possibility of a further depreciation once the previous low is broken. EOS will reach a low of $2.0 or $2.40 once the selling pressure resurfaces. The bulls have been defending the September lows but are being overwhelmed as the support cracks. The chances of the support holding and EOS bouncing are very slim because of  lack of buying power at the support.

EOSUSD-Daily Cart

Daily Chart Indicators Reading:
Our Fibonacci tool has indicated to us that EOS may continue its downward move. In view of this, a bullish candle body tested the 0.786 retracement level. Accordingly, the market will fall to a low of 1.272 Fibonacci extension level or at the equivalent price of $2.0. Another indicator sign has shown that the market is below level 30 of the daily RSI. This implies that the selling pressure is likely to be ended as the bulls come in at the oversold region.

EOS/USD Medium-term bias: Bullish
On the 4-hour chart, EOS is trading within the levels of $2.60 and $3.60. The bears have broken the lower price range signaling a further depreciation. A downward movement is expected at a low of $2.0.

EOSUSD-4-Hour Chart

4-hour Chart Indicators Reading
The lower price range has been breached; EOS is prone to further price fall. The market is still in a bearish momentum according to the price below level 50 of the daily stochastic.

General Outlook for EOS
The overall trend of EOS is bearish as the coin continues its falls. Presently, the pair has reached a low of $2.41, and the low at $2.0 is expected. Traders should wait for the market to exhaust selling pressure before embarking on a buy setup.

EOS Trade Signal
Instrument: EOSUSD
Order: Buy Limit
Entry price: $2
Stop: $1.0
Target: $3.60

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Bitcoin Options Volumes Record $60 Million On Deribit

Trading volatility has been shrinking for a while now as a result of recent capitulation in the crypto market, which appeared to have made the value of Bitcoin to depreciate by the day. Recording a daily low of $8400, Bitcoin is struggling around the $8500 at the moment. Meanwhile, the market scenario is causing a FUD – Fear Uncertainty and Doubt amongst holders. Furthermore, the recent drop in Bitcoin’s price was led by panic selling in the market which is likely to continue if Bitcoin continues to fall.

Compared to the previous days of trading, Bitcoin’s volume has seriously subdued to around $21.5 billion at the moment. More so, the entire crypto market cap is now trading under $153.2 billion. Apart from today, Bitcoin’s trading volume has been quite minimal in percentage.

Bitcoins-Price-Index

According to a crypto derivatives market analysis, SKEW, Bitcoin options volumes reached a daily high of $60.1 million on Deribit Exchange a few hours ago with a minimum volume of $2.0 million, maximum of $69.3 and an average of $28.6.

Could this be a sign of an incoming bull rally for Bitcoin?

Well, we will get to know that in the next couple of days. However, the current selling pressure is still setting a serious panic in the entire crypto space, although Bitcoin may give light if we start to see a substantial increase in the trading volume

If we look at Bitcoin’s trading volumes across major Bitcoin options Exchanges such as Binance, Bitmex, Kucoin, Cex.io,  amongst others, we would observe that the volumes are quite low as traders and investors stay on hold as Bitcoin’s next move is uncertain.

In my own opinion, selling BTC at the moment could be a nice spot for short-traders as the current price drops may become heavy in the next couple of days. At the same time, traders might want to maintain a neutral position for now in order to wait for a good and perfect entry.

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