Market Update

Insights for the Asian Crypto trading session Monday 04/02/19

  • BTC/USD: Bitcoin lack of volatility and volumes keeps range bound

  • XRP/USD: Well supported at $0.30 cents for now

  • ETH/USD: Holding $108, unchanged price action

  • EOS/USD: Range block trading providing good returns in the short term

  • BCH/USD: Bears lack follow through, BCH trades back above 100/200 hour MA

EOS/USD Technical Analysis: Range block trading provides strong returns

  • Bulls edge out the bears over the past two sessions and rally 12% from lows

  • Hourly chart shows repetitive range block trading pattern leading to a possible major breakout

  • Price supported by 100/200 MA’s, MACD poised to cross back above zero signalling a further rally

EOS/USD  Hourly chart

eos 040219.JPG

Forecast

EOS/USD: EOS has rallied strongly from its recent lows in the past few sessions with bulls edging out the bears and taking control within the all to familiar range that has been traded for the past month. From a short term perspective, EOS broke back into its recent range above $2.20, after a false break to the downside, trading as lows as $2.18 before bouncing. The ensuing corrective rally has been sharp reaching as high as $2.48, or some 14% higher in the past three sessions. We believe that this continued repetitive trading pattern between $2.20-$2.60 is leading up to an explosive breakout and as such are running with the bulls for now, looking initially to buy the dip towards $2.36-$2.38 (100 and 200 hour MA respectively) with tp at $2.75 and sl at $2.17.

Hourly Technical Analysis Summary: Buy

Moving Averages: Buy

Oscillators: Sell

 Support 1:               $2.3800

Support 2:               $2.3650

Resistance 1:               $2.4250

Resistance 2:          $2.4850






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