EOSU19 Price Analysis: Where To Next After The 20% Gain in 5 Days
- EOSU19 spiked with an incredible 20% in less than five days after finding a bottom.
- EOSU19 hits a snag at 0.000380BTC before breaking out of the rising channel support.
The recently launched EOS Token/Bitcoin Linear Futures Contract has been performing impressively over the last few days. The trading pair was launched on BitMEX in July at an introduction price of 0.00080 BTC. The asset plunged to new lows barely a couple of months following the debut. However, the daily chart shows a possible bottom has been found at $0.00030 BTC.
EOSU19 1-hour chart
A reversal from September 5 has transformed it into of the best performing crypto asset. The initial break above the 100 Moving Average four-hour chart left the door wide open for the buyers to explore. EOSU19 cleared the resistance of the descending trendline at 0.0003147 BTC before spiking upwards in a magnificent engulfing candle.
The movement through several resistance levels at 0.00031 BTC, 0.00032 BTC, and 0.00035 BTC was a walk in the park. A return of the sellers was encountered slightly above $0.00036 as they tried to launch a revenge mission. However, the 61.8% Fib retracement level came in handy by protecting the downside.
EOSU19 unstoppable breakout scaled through more resistance before hitting a snag at 0.00038 BTC. At press time, we see a correction towards the initial support at 0.00037BTC. The cryptoasset is valued at 0.0003723.
The technical picture has a bearish bias in the short-term following the break below the ascending channel. The Moving Average Convergence Divergence clearly shows a growing bearish momentum. From a high around +0.0000086, the MACD is growing a bearish divergence a +0.0000015. If the same downtrend continues the sellers will, in turn, increase their entries further pulling the price below the short-term support at 0.00037BTC.
EOSU19 Key Technical levels
Spot rate: 0.0003722BTC
Support area: 0.00037BTC, the 61.8% Fibo and 0.00030BTC
Resistance zones: 0.000380BTC
Trend: Ranging
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