EOSUSD surges, gaining $0.21 (6.77%) within a single day on high volume
EOS/US Dollar Index (EOSUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, EOSUSD ended Saturday at 3.31 surging $0.21 (6.77%) on high volume. This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on Tuesday, EOSUSD gained 1.00% on the following trading day. Today's close at 3.31 marks the highest recorded closing price since March 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 3.15, the market confirmed its breakout through the previous session high after trading up to $0.18 above it intraday.
Daily Candlestick Chart (EOSUSD as at Aug 01, 2020):
Saturday's trading range has been $0.26 (8.39%), that's far above the last trading month's daily average range of $0.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EOSUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 2.73.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for EOS/USD. Out of 5 times, EOSUSD closed lower 80.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 100.00% with an average market move of -11.20%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more