EOSUSD breaks back above 100-day moving average
EOS/US Dollar Index (EOSUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
EOSUSD finished Saturday at 3.48 gaining $0.04 (1.16%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EOSUSD as at Nov 09, 2019):
Saturday's trading range has been $0.09 (2.64%), that's far below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EOSUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 14th, EOSUSD actually lost -6.31% on the following trading day.
EOS/USD managed to close back above the 100-day moving average at 3.46.
Though EOS is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 3.69 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 3.32 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EOS/USD. Out of 13 times, EOSUSD closed lower 69.23% of the time on the next trading day after the market condition occurred.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more