EOSUSD pushes through Saturday's high
EOS/US Dollar Index (EOSUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EOSUSD ended Sunday at 3.59 gaining $0.11 (3.16%). Closing above Saturday's high at 3.50, EOS confirmed its breakout through the previous session high after trading up to $0.17 above it intraday.
Daily Candlestick Chart (EOSUSD as at Nov 10, 2019):
Sunday's trading range has been $0.21 (6.02%), that's slightly below the last trading month's daily average range of $0.25. 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.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 28th, EOSUSD actually gained 2.08% on the following trading day.
Prices are trading close to the key technical resistance level at 3.69 (R1).
While EOS/USD is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 3.69 where further buy stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EOS/USD. Out of 150 times, EOSUSD closed lower 66.00% of the time on the next trading day after the market condition occurred.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and BTCUSD closing 2.72% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more