EOSUSD finds buyers again around 2.52
EOS/US Dollar Index (EOSUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
EOSUSD ended Sunday at 2.55 gaining $0.02 (0.79%).
Daily Candlestick Chart (EOSUSD as at Oct 18, 2020):
Sunday's trading range has been $0.04 (1.58%), that's below the last trading month's daily average range of $0.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EOSUSD.
Despite a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on September 28th, EOSUSD actually gained 1.56% on the following trading day.
After having been unable to move lower than 2.51 in the prior session, EOS found buyers again around the same price level today at 2.52.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 2.50 where further sell stops might get triggered. Further selling could move prices lower should the market test September's nearby low at 2.39.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for EOS/USD. Out of 88 times, EOSUSD closed lower 64.77% 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 55.68% with an average market move of -0.66%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more