Altcoins are suffering steep losses today with some in the double digits. Bitcoin is trading flat, but confidence is being lost in altcoins as money moves out and into either Bitcoin or fiat. EOS has returned to sub $5 levels with yesterdays daily candle forming a marubozu candle. A marubozu candle is a candle with a large body and little or no wick. Marubozu candles show strong directional movement in one direction with yesterdays showing strong bearish pressure. A return to support at $4.6 looks likely with the momentum currently being to the downside.
The hourly chart provides a closer look at what is happening with price action in EOS. Price managed to hold and trade in a range above $5 for much of yesterday but then suffered a steep drop off on high volume down to around $4.7. This was a significant move with $5 being an important point. A move back up for price is likely to be met by resistance at the $5 level along with the hourly moving averages of 50, 100, and 200 which are all trading closely together. At the moment, both price and RSI are forming lower lows and lower highs as momentum shifts to the downward direction.
- Altcoin market suffering steep losses with money moving out into Bitcoin and fiat
- Bearish marubozu candle priced in yesterday on the daily with steep losses occurring
- EOS now trades under the $5 level and is likely to meet resistance at this level along with hourly moving averages in the event of a rise
- Price and RSI forming lower lows with more downward movement likely
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