EOSUSD runs into sellers again around 2.62

EOS/US Dollar Index (EOSUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team


EOSUSD closes below its opening price unable to hold early session gains
EOSUSD runs into sellers again around 2.62
EOSUSD closes within previous day's range after lackluster session


EOSUSD ended Saturday at 2.56 losing $0.03 (-1.16%). Trading $0.03 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (EOSUSD as at May 23, 2020):

Daily technical analysis candlestick chart for EOS/US Dollar Index (EOSUSD) as at May 23, 2020

Saturday's trading range has been $0.08 (3.09%), that's below the last trading month's daily average range of $0.16. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOSUSD.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, EOS closed lower but above the prior day's open today, forming a bearish Harami Candle.

Prices are trading close to the key technical resistance level at 2.64 (R1). After having been unable to move above 2.64 in the previous session, EOS/USD ran into sellers again around the same price level today, missing to move higher than 2.62. The last time this happened on Wednesday, EOSUSD lost -5.38% on the following trading day.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might speed up should prices move above the nearby swing high at 2.64 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 2.41 where further sell 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 "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for EOS/USD. Out of 127 times, EOSUSD closed higher 49.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.76% with an average market move of 5.65%.

With four out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -0.81% and XRPUSD closing -0.65% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more

Market Conditions for EOSUSD as at May 23, 2020

Loading Market Conditions for EOSUSD (EOS/US Dollar Index)...
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