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EOS/USD Still Has Downside to $4.00

EOS/USD has been consolidating since August, when it made the low on the year so far at $4.57 based on Bitfinex pricing.

EOSUSD Daily Chart

Bears in Charge:

  • The daily chart shows market that has been bearish in 2018.

  • The most recent sign that bears are still in charge is the fact that price found resistance at $6.77, which was a previous support pivot.

  • On top of that, price remains under the 200- and 100-day simple moving averages (SMAs).

  • Finally, the RSI held under 60. If the RSI tags 30 and holds under 60 after a bounce, we can say that the bearish momentum is still in play.

Triangle:

  • There is bearish bias, though the market is currently trading sideways, in a triangle.

  • Because the overall mode is now neutral-bearish, I think there is still downside to the $4.00. I think this scenario is more likely than price climbing to $6.77.

  • But if price does break above $6.80, we can start considering the bullish reversal scenario, with upside first towards $8.00, then to the support/resistance pivot around $9.40.

  • For now, price action still signals bearish pressure towards $4.00, which is the 2018-low.

  • A break below that opens up a pivot at $3.25 and then at $2.00.

Short-term Bearish Momentum:

  • When we look at the 4H chart, we can see that price is trading around $5.60 and is currently above this period’s simple moving averages (200, 100-, 50).

  • While holding above the SMA cluster is a bullish sign, there is also a sign of bearish momentum - The RSI holding under 60 after it tagged 30. If the RSI falls back below 40, we will likely be seeing EOS fall back to $5.00, and eventually $4.00 (2018-low)

EOSUSD 4H Chart

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