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
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
Support 1: $3.7100
Support 2: $3.6850
Resistance 1: $3.8050
Resistance 2: $3.9100
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