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EOS Making a Strong Case for a Bullish Reversal

Alts have recently been percolating after a few months of persistent bleeding. I am not convinced that the crypto market has bottomed, but certain crypto assets like EOS is making a strong case that it has bottomed. 

EOS/USD Daily Chart (Binance)

Breakout:

  • The daily chart shows that price action is in a breakout attempt. 
  • It looks like volatility has been narrowing during the stretch of consolidation/bearish correction since mid-January.
  • The 4/11 price action broke out of this narrowing. 
  • With strong volume, the 4/11 rally is telling us bulls are taking control of EOS now.
  • The RSI pushing above 60 also tells us the prevailing bearish momentum is done. 
  • Price might be anchoring above the $6.00 mark. 
  • Still, I am not completely convinced about a bullish reversal. I can anticipate a sideways market with more confidence.
  • In this scenario, I think the $8.50-$9.00 area will provide resistance. (We are already seeing some selling at $8.00.)

EOS/BTC Daily Chart (Binance)

Gaining on Bitcoin:

  • EOS has been gaining sharply against bitcoin as we can see on the daily chart above. 
  • I think at this point, we will start to see some pullback. 
  • But I think EOS/BTC has successfully anchored above the 0.0008 BTC mark. 
  • If price comes back to 0.0009, we should anticipate support.
  • A break below 0.0008 would invalidate the bullish outlook, and open up the 0.0007 and 0.0005 levels.

Crypto Trade Board Review - 4/11/2018

Bitcoin (BTC/USD) Continues to Chop Around Now Testing $7000