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EOSBTC has plotted a bullish divergence with the Stochastic Oscillator. Accordingly, the pair could potentially test higher levels if it succeeds in breaking above the immediate upside resistance.
EOSBTC has found strong support around the 0.0008000-mark from where prices are mounting a smart rebound. The appearance of two big bullish candles on the hourly chart confirmed that investor sentiment had improved after the most recent decline.
Further reinforcing the positive outlook is the bullish divergence printed by the Stochastic Oscillator. Divergences are powerful trend reversal signals. They are characterized by prices charting equal or lower price lows, which are not reciprocated on the Oscillator.
Short term traders might contemplate long positions on an hourly close above 0.0008600, which coincides neatly with the latest price peak. Volume should be significantly above average to reduce the likelihood of a false move.
In case EOSBTC manages to clear this immediate price ceiling, the pair is likely to test levels of 0.0009100 near-term. To protect against negative surprises, an initial stop loss might be considered around 0.0008200. This coincides with the nearest support area below current levels.
EOSBTC Resistance: 0.0008600/0.0009150
EOSBTC Support: 0.0008200/0.0007850
Entry Point: 0.0008620 BTC
First Target: 0.0009120 BTC
Second Target: 0.0009450 BTC
Stop Loss: 0.0008250 BTC
Entry Point: 0.0008250 BTC
First Target: 0.0007880 BTC
Second Target: 0.0007550 BTC
Stop Loss: 0.0008580 BTC
- Absence of greater than average volume in the event of a break above 0.0008600 could result in a false move