THELOGICALINDIAN - 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.
