EOS/USD Medium-term Trend: Bearish

Resistance levels: $ 6.0, $6.5, $7.0
Support levels: $5.0, $4.5, $4.0

Yesterday, August 8th, the price of EOS was in a bearish trend. In the bearish trend, the cryptocurrency fell to the low of $6.1. It was suggested yesterday that if the bearish trend continued, price of EOS would fall to the low of $4.1. Yesterday, the cryptocurrency eventually fell to the low of $5.43. Today, the price of EOS is moving in a sideways trend. In a sideways trend, the price could go up or down either way.

However, traders should look for buy setups to initiate long trades in anticipation of a bullish trend. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of EOS is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Nevertheless, the Relative Strength Index period 14 is level 24 which indicates that the market is oversold suggesting bulls to take control of the market.

On the 1-hour chart, the price of EOS is in a bullish trend. The price of EOS is still below the 12-day EMA and the 26-day EMA which indicate that price is falling. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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