THELOGICALINDIAN - This seems like a acceptable sign
The bazaar is attempting to date a accretion during Wednesday’s U.S. session, afterward addition abundant crypto sell-off beforehand this morning.
Almost the absolute top 10 plunged to beginning multi-month trading lows afore partially bouncing back. Litecoin conspicuously recovered about all losses, afterwards falling to its everyman akin back February 11th, about the $36.00 level.
BTC/USD briefly fell beneath the November account trading low, hitting $6,400 on assertive exchanges afore correcting. Bitcoin is currently trading about $6,800.
The absolute cryptocurrency bazaar assets recovered from $166 billion this morning, and is currently $178 billion as abstinent by TradingView.
Bitcoin
Technical weakness beneath the $6,550 akin prompted a accessory abstruse sell-off in BTC/USD earlier, although a accretion has back taken place.
BTC/USD does arise overextended from a abstruse angle and could alpha to date a stronger accretion than we are currently seeing. The RSI on the circadian time anatomy is in oversold territory.
While the broader trend is still heavily bearish, again abortion to breach beneath the $6,550 akin could advance to a able recovery.
Former abutment now becomes resistance, with the $7,070 and $7,380 levels acting as accessible accretion areas aloft the $6,850 level.
Litecoin
Litecoin bounced from above abstruse abutment this morning, arch to a accretion in the LTC/USD brace appear the $40.00 level.
From a abstruse perspective, the cryptocurrency has been acutely anemic for abounding months, pointing to $36.00 as a downside ambition for some time. This morning that akin was hit and a amount accretion followed, unlocking the abeyant for a appropriate abatement rally.
Traders that are bullish on LTC/USD over the abiding may accept entered from the $36.00 level. With this in mind, a adverse assemblage is accessible as continued as the abutment holds. A backlash aback appear trendline resistance, about the $50.00 level, is absolutely possible.
Overall Sentiment
According to the latest abstracts from The TIE, affect against the cryptocurrency bazaar is aloof at 50 percent.
EOS has the arch affect amid the top 10 at 67 percent. Meanwhile, Bitcoin has the weakest at 25 percent.
EOS bootless to accomplish assets and is now afterward the market.
EOS is beneath abundant downside pressure, afterward Monday broad-based cryptocurrency bazaar sell-off. EOS/USD now trades at its weakest akin back Nov. 25 this year.
The EOS/USD brace has absent aloof beneath eight percent of its amount back the alpha of the trading anniversary and is trading bottomward by over 30 percent on a four-week basis.
The cryptocurrency looked more accessible to losses as it bootless to assemblage abroad from the $2.50 akin aftermost week. Bulls bootless assorted times to affected the $2.80 attrition level.
The four-hour time anatomy shows that an astern arch and amateur arrangement has been invalidated, with yesterday’s bead affair the all-embracing abolishment target.
The circadian time anatomy shows that a block arrangement has been developing over the aftermost few weeks, with amount breaking beneath the lower end of the block arrangement on Monday.
Looking at abeyant downside targets, a breach beneath the $2.20 akin could betrayal the EOS/USD brace to added affairs appear the $2.00 level. At present the cryptocurrency shows few signs of amount stabilization.
The Relative Strength Index on the circadian time anatomy is bearish and is now oversold. The MACD indicator on the mentioned time anatomy is currently breeding a advertise signal.
Upside Potential
The four-hour time anatomy shows that key abstruse attrition is now amid at the $2.50 and $2.80 levels.
Key abstruse attrition over the medium-term is amid at the $3.00 and $3.50 levels.
Downside Potential
The four-hour time anatomy is assuming that the EOS/USD brace has able medium-term abstruse abutment about the $2.20 and $2.00 levels.
Long-term abutment for the ES/USD brace is amid at the $1.70 and $1.40 levels.
Summary
EOS has become the latest blow of the bearish declivity currently underway in the cryptocurrency market.
The EOS/USD brace charcoal accessible to medium-term abstruse affairs while trading beneath the $2.50 level. Watch the $2.20 akin for signs of a changeabout or a assiduity of contempo selling.
