HomeBitcoin UpdateWill current good points of EOS translate right into a change in...

Will current good points of EOS translate right into a change in pattern going ahead

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EOS has been in a downtrend since mid-September, interspersed with durations of ranging worth motion. Previously couple of weeks, the value has seen a robust bounce from the $1.99 lows, to achieve a degree of resistance at $2.69. Though it was a formidable run of 36% in a interval of somewhat greater than a fortnight, the downtrend from September remained unbroken.

EOS- 12H

Supply: EOS/USDT on TradingView

The $3 space, highlighted in pink, was an space the place the value repeatedly sunk to in December and bounced away from. Nonetheless, it was unable to climb previous the $3.47 degree for almost all of December. In early January, the value sank beneath this space of demand and retested it from beneath, confirming it as an space of provide.

Previously couple of weeks, the value has been trending upward on decrease timeframes, however the 12-hour chart confirmed this bounce to be a possibility to enter quick positions close to $3, quite than a real reversal in pattern from bearish to bullish.

The Fibonacci retracement ranges (yellow) have been plotted based mostly on EOS’ transfer from $6.42 to $1.99 and confirmed the $3 degree because the 23.6% retracement level- including significance to this degree.

A transfer above $3 would due to this fact be needed to think about a shift in market construction from bearish to bullish.

Rationale

The Recent Gains Of Eos Might Not Translate Into A Change In Trend In The Weeks To Come

Supply: EOS/USDT on TradingView

The RSI has been beneath impartial 50 for nearly the whole thing of November and December and solely climbed above impartial 50 in late January. On the time of writing it was descending again towards the 50 worth.

In settlement with this, the Aroon Indicator confirmed that the higher a part of the final three months has been spent in a gentle downtrend (the place the Aroon Down, blue, has been excessive). There have been durations of ranging worth motion the place neither pattern might get established on the indicator.

The Cumulative Delta Quantity indicator confirmed regular shopping for quantity prior to now three weeks.

Conclusion

The market construction remained bearish, whereas the momentum regarded to have misplaced power on the $2.69 resistance degree. Regular demand for the coin has been seen prior to now three weeks however $3 remained a major degree for the bulls to beat.

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