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.
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.
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
Order: Buy Limit
Entry price: $2
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.