Trade_Masters

EOS/BTC Ready For a Short Term Bounce?

BINANCE:EOSBTC   EOS / Bitcoin
EOS/BTC on Binance has been in a downtrend for some time now. On the 4 hour chart, the RSI is very oversold with a reading around 20 and since January it has retraced back to the 0.50 - 0618 fib levels. Good and key support level should be around 0.00082000 for the near term.

But for the short-term, is EOS/BTC ready for a bounce?

If you take a look at the hourly timeframe:


You'll see a bullish divergence of both the RSI as the MACD . Also, the indicators have changed from oversold/negative to the neutral/positive territory. So we might see a little bounce from EOS/BTC in the short term, meaning in a day or two.

If the bounce comes, I don't expect it to be huge cause the first resistance is already at 0.00090600 and that's just about 4% of current price. Again, this is for the (very) short term, when you look for a potential day trade on EOSBTC . But if you're more patient, you can ride it a bit longer for more profit.

Please like and share if you found this informative and helpful. Leave a comment if you have any questions.

And good luck trading!
How low Will Eos go you think?
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Trade_Masters Dieter1983
@Dieter1983, Thanks for the question and sorry for the late response but in the near term EOS/BTC should have good support around 0.00070500, which is previous support and resistance level and also happen to be 0.786 fib. level. Hope this helps.
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