2019-10-25 16:13 |
EOS is still bearish over both the short and the medium-term The four-hour and daily time frames are both showing bearish head and shoulders pattern The EOS / USD pair needs to rally above the $3.00 level to change the bearish short-term outlook towards the cryptocurrency
EOS is attempting to recover recent losses, after the cryptocurrency fell to its weakest trading level since September 24th earlier this week. The EOS / USD pair has now recovered close to nine percent in value since falling towards the $2.54 level.
The EOS / USD pair is one of the select few cryptocurrencies that has been able to stage a decent recovery since the broader cryptocurrency market incurred heavy losses. Interestingly, EOS is now trading close to its 2019 opening price.
At present, the EOS / USD pair would need to rally above the $3.00 level to change is current short-term bearish outlook. With price currently trading around the $2.75 level, the cryptocurrency would need to rally by a further nine percent to reach the $3.00 level.
Both the four-hour and the daily time frames are littered with bearish head and shoulders pattern that still have the potential to push the EOS / USD pair below the September 2019 trading low.
Encouragingly for EOS / USD buyers, the recent decline has also created a bullish double-bottom pattern, as sellers failed to breach the September trading low.
Going forward, the cryptocurrency would need to stage a rally of around twenty-two percent to invalidate the bearish head and shoulders pattern on the four-hour time frame.
Looking at the longer-term picture, buyers would need to rally the EOS /USD pair by around sixty-seven percent for it to once again start to trade above its 200-day moving average.
Furthermore, the cryptocurrency would need to rally by around one-hundred and seventy percent to invalidate an extremely large head and shoulders pattern on the daily time frame.
According to the latest sentiment data from TheTIE.io, the short-term sentiment towards EOS is neutral, at 56.00 %, while the overall long-term sentiment towards the cryptocurrency is bullish, at 61.00%.
EOS / USD H4 Chart by TradingView Upside Potential
The four-hour time frame highlights that the EOS / USD pair will need to rally price above the $3.00 level to change its current short-term bearish outlook.
The daily time frame shows that bulls would need to rally price towards the $4.75 level for the EOS / USD pair to trade back above its 200-day moving average. The $4.75 level is also the neckline of the large head and shoulders pattern with a $4.00 bearish target.
EOS / USD Daily Chart by TradingView Downside Potential
The four-hour time frame shows that a move below the $2.54 level would be bearish for the EOS / USD pair in the short-term. The 2.40 level is the key support area to watch if the October trading low is broken.
The daily time frame is currently showing that the $2.20 level offers the strongest form of support, prior to the $2.00 level.
SummaryA bullish double-bottom has formed on the lower and higher time frames after EOS / USD sellers recently failed to break the September 2019 trading low.
Buyers still have considerable work ahead to invalidate various bearish patterns and secure the EOS / USD pair short and long-term prospects.
For a quick check up of the basics of EOS, we published a coin guide.
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The post EOS Price Analysis EOS / USD: Under Repair appeared first on Crypto Briefing.
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