EOS/USD recovering from Friday Morning slump
EOS/USD recovering from Friday Morning slump
The price is recording lower lows and lower highs,Price fluctuations seem to be the trend in the market as EOS trades lock-step with the upside gains capped below $5.1.
The general trend is bearish for EOS and many other altcoins in the cryptocurrency market. The price is recording lower lows and lower highs. EOS/USD has managed to recover from the sharp price decline on Friday from the opening price at $5.1 to a low of $4.900.
Technical outlook shows that EOS is trading below the 100-simple moving average which is narrowing to towards the longer term 200-simple moving average. This means that EOS piece will make a comeback in future trading sessions.
Price fluctuations seem to be a trend in the market as EOS trades lock-step with the upside gains capped below $5.1. The immediate support at $4.900 has stopped declines before and could do the same if the price moves lower towards it. However, if the bears increase their control in the market, the EOS/USD could be head towards range between $4.900 and $4.800.
EOS/USD BitFinex 4HR Chart for March 16, 2018
Like most alt coins, the overall coin trend is bearish but the best way of jumping into the fray and benefiting from lower lows is by perfect timing.
From technical considerations, I cannot say this is a good time to sell EOS even if bears are definitely in charge. Judging from yesterday’s price action, bears didn’t follow through.
Because of that stochastic buy signal in the 4HR chart, I will recommend waiting for prices to appreciate to this week’s peaks at $5.8 and $6.2. Those should be wonderful opportunities for selling and trading with the main trend.
EOS/USD recovering from Friday Morning slump
Reviewed by mir khaleq ali
on
March 16, 2018
Rating:
Reviewed by mir khaleq ali
on
March 16, 2018
Rating:
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