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!
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!