The cryptocurrency market is flashing red again. Specially EOS lost over 3% in the last 24 hours. The digital coin now is fighting to come out of a sideways trading trend below $3.0. At the same time EOS is trading below the 100 SMA and the 50 SMA on the daily chart.
The nearest resistance for EOS/USD is 2.70 area which is critical. This area includes 50, 100 SMAs, a middle line of the Bollinger Bands and the trend line of resistance (on the bullish channel) on H4 chart. A clear break above is needed for the bulls to extend the upside momentum for testing the recent highs at $2.85 since end of Nov. and first days of Dec. Next resistance is a psychological $3.0 level, but for sustainable move over it EOS will need the support from the broader market with a broad-based crypto rally.
On downside, a clear break bellow daily lower Bollinger Bands at 2.50 should extend the sells pressure for retesting the 25th Nov.'s bottom at 2.29.
The RSI is horizontal at 38 after correcting from levels slightly below 30.
The nearest resistance for EOS/USD is 2.70 area which is critical. This area includes 50, 100 SMAs, a middle line of the Bollinger Bands and the trend line of resistance (on the bullish channel) on H4 chart. A clear break above is needed for the bulls to extend the upside momentum for testing the recent highs at $2.85 since end of Nov. and first days of Dec. Next resistance is a psychological $3.0 level, but for sustainable move over it EOS will need the support from the broader market with a broad-based crypto rally.
On downside, a clear break bellow daily lower Bollinger Bands at 2.50 should extend the sells pressure for retesting the 25th Nov.'s bottom at 2.29.
The RSI is horizontal at 38 after correcting from levels slightly below 30.
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💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade