EOSUSD finds buyers again around 2.60

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


EOSUSD breaks back below 50-day moving average
EOSUSD finds support at 20-day moving average
EOSUSD finds buyers again around 2.60
EOSUSD closes within previous day's range


EOSUSD ended the week 3.53% higher at 2.64 after losing $0.03 (-1.12%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

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

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

Friday's trading range has been $0.08 (3.0%), that's slightly 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 lower than usual for EOSUSD.

After moving higher in the previous session, EOS closed lower but above the prior day's open today, forming a bearish Harami Candle.

After trading as low as 2.60 during the day, EOS/USD found support at the 20-day moving average at 2.61. The market closed back below the 50-day moving average at 2.65. When this moving average was crossed below the last time on September 3rd, EOSUSD actually gained 14.89% on the following trading day. After having been unable to move lower than 2.61 in the previous session, the cryptocurrency found buyers again around the same price level today at 2.60.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 2.71 where further buy stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 50" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for EOS/USD. Out of 29 times, EOSUSD closed higher 58.62% of the time on the next trading day after the market condition occurred.

Market Conditions for EOSUSD as at Oct 23, 2020

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