- EOS price was seen down some 3% in the latter stages of trading on Wednesday, after starting the session with steady gains.
- EOS/USD had been moving within an ascending channel formation, which has been breached by the bears.
The EOS price was seen trading firmly in negative territory of some 3%, in the latter stages of Wednesday’s session. EOS/USD was initially trading with steady gains, but suddenly coming under pressure, completely reversing the jump that had been seen.
EOS/USD via the 4-hour time frame has formed at rising channel pattern, which has seen a breakout by the bears on the current candlestick. A close below could be very inviting and see a fresh bout of selling pressure.
Technically, the lower part of the rising channel is seen at $4.8050, next support to the downside should a close below occur, then eyes on a fast move back to retest 14th August lows at $4.18. Near-term resistance seen at $4.90, 50MA and then $5.26 100MA on 4-hour time frame.
EOS/USD 4-hour chart
Share
