THELOGICALINDIAN - Despite continuing abstruse weakness not all is absent for EOS
EOS is aback beneath downside burden on Thursday afterwards the aboriginal anniversary assemblage appear the $3.80 attrition akin achromatic out, abrogation the cryptocurrency on advance for its fifth after anniversary of trading losses. At accepted levels, the EOS / USD brace has absent abutting to seventeen percent in amount back the alpha of August.
Going forward, the technicals for EOS are growing more bearish, with the four-hour time anatomy bulging that the cryptocurrency could abatement appear the $3.00 level. The $3.00 akin is the all-embracing ambition of a bearish arch and amateur arrangement on the mentioned time frame, that was triggered back sellers bankrupt through the $5.66 akin on July 10th. The cryptocurrency has been on a bottomward circling anytime since.
The four-hour time anatomy additionally shows that a bearish ascendance triangle blemish is in progress, which additionally has the $3.00 akin as the all-embracing downside target.
Despite the bearish abstruse outlook, all may not be absent for the EOS / USD pair, as the circadian time anatomy continues to appearance a huge bullish pattern, that charcoal accurate if buyers advance amount aloft the $1.80 abutment level.
Going forward, a breach beneath the $3.32 akin should be the bearish activate for a added abatement appear the $3.00 level. Equally, connected weakness beyond the broader cryptocurrency bazaar could accommodate the drive bare to ability the $3.00 level.
According to the latest affect abstracts from TheTIE.io, the concise affect appear EOS is currently bearish, at 42.98 %, while the all-embracing abiding affect appear the cryptocurrency is overwhelmingly positive, at 69.33%.
Upside Potential
The four-hour time anatomy is assuming that beasts charge to authority amount aloft the EOS / USD pair’s 50-period affective average, at $3.64, to balance the cryptocurrency. Aloft the $3.64 akin the currently account trading high, at $3.80, offers able attrition above-mentioned to the ascent trendline attrition from the ahead mentioned bottomward triangle pattern, at $.4.08.
The circadian time anatomy highlights that the 50-day affective boilerplate has beyond over the 200-day affective average, which is acutely bearish. Buyers charge to move amount aloft the $4.34 akin to abate the bearish affective boilerplate crossover.
Downside Potential
The downside abeyant for the EOS / USD brace is absurd to extend too far above the $3.00 akin if we do see the account trading low, at $3.32, broken. However, the February 10th swing-low, at $2.70, offers the arch anatomy of abutment beneath the $3.00 akin if we do see a added decline.
The Relative Strength Index beyond both the four-hour and circadian time anatomy is bearish and shows that admitting the contempo double-digit decline, the EOS / USD brace has yet to ability oversold conditions.
Summary
EOS is acutely anemic from a abstruse perspective, with bearish patterns on the four-hour time anatomy pointing to an accessible bead appear the $3.00 level.
However, the circadian time anatomy shows that a huge bullish arrangement is still in play, which charcoal accurate while beasts accumulate the amount aloft the $1.80 abutment level.
For a quick analysis up of the basics of EOS, we appear a bread guide.
