Market Update

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Insights for the Asian Crypto trading session Wednesday 27/03/19

  • BTC/USD: Bitcoin stages a modest recovery, up 0.20%

  • ETH/USD: Ethereum desperate to find some stability

  • XRP/USD: Big trouble looms if $0.30 cents breaks

  • LTC/USD:  Technical structure still bullish despite downturn

  • EOS/USD: EOS pushes above $3.70, price structure positive

EOS/USD Technical Analysis: EOS on the verge of another breakout

  • Price closing in on 200 day MA at $3.80

  • MACD showing momentum about to turn positive

  • Moving Averages and Oscillators flashing buy signals

EOS/USD Daily chart

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Our Forecast

 EOS/USD: Despite being rejected above $4.00, trading as high as $4.39 on the 24th of Feb, and the subsequent sell-off that ensued, trading as low as $3.20 on the 4th of March, EOS has remained in a positive ascending trend channel for the entirety of this year with the rising resistance line of the channel towards $5.10 and the rising support line at $3.10. Price has been trading above the 100 Day MA since the 16th of February which is considered a bullish sign, and is currently challenging the 200 Day MA at $3.83.

Should price trade above the 200 Day MA and hold, when combined with a positive MACD and RSI, we believe that EOS will be poised to challenge the $4.00 area and beyond and as such maintain our earlier buy recommendation on EOS (see Market Update 20th March).

Daily Technical Analysis Summary: Buy

Moving Averages:  Buy

Oscillators: Neutral

Support 1:               $3.7100

Support 2:               $3.6850

Resistance 1:               $3.8050

Resistance 2:          $3.9100





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