Market Update

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Insights for the Asian Crypto trading session Wednesday 13/02/19

  • BTC/USD: Bulls gaining momentum, $3,700 next resistance to be cleared

  • XRP/USD: Support seen at $0.3050, short term technicals remain positive

  • ETH/USD: Retains positive tone, resistance seen at $125

  • EOS/USD: Continues bull rally from $2.35, breaks $3.00 overnight

  • LTC/USD:  Holds support above $40 after light profit taking

EOS/USD Technical Analysis: Approaching major resistance zone

  • EOS/USD trades above 100 day MA for the first time since Nov 2018

  • Price approaching major resistance zone between 100 Day MA at $2.98 and range block highs at $2.20

  • Weekly close above $2.20 area confirms move towards $4.30 underway

EOS/USD  Daily chart

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Our Forecast

EOS/USD:  EOS is changing hands at the time of writing at $2.9885, up over 33% from this time last Wednesday, reclaiming its 4th position by market cap overnight from Litecoin with its market cap reaching $2.66 billion. From a daily perspective, the MACD is positive and supporting the bullish price action, trading back above zero for the first time since mid January. Price is also trading above the 100 day MA at $2.9820 for the first time since November 2018 and once cleared could target the 200 day MA towards $4.3150. On the downside, support is close up at $2.97 and then $2.90.

From current levels we will await the weekly close to determine if there will be a breakout strategy in play or range trade opportunity with the key level to watch being a weekly close above $3.20 suggesting a breakout strategy targeting $4.30.

 

Daily Technical Analysis Summary: Buy

Moving Averages: Buy

Oscillators: Sell

Support 1:               $2.9750

Support 2:               $2.9050

Resistance 1:               $2.9820

Resistance 2:          $3.0650








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