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The EOSBTC pair has rejected an important resistance zone and appears primed to test the troughs of last week.
The EOS versus BTC pair touched a low 0.00082000 in the prior session’s trade. Since then, the pair has attempted a modest recovery. However, bears were sitting tight around the 0.00086000-zone. Once prices approached that key price ceiling, the bullish momentum began to fade.
This is evident from the long upper candle wicks in that area on the hourly chart of EOSBTC. Such prominent upper shadows are indicative of the fact that buyers attempted but failed to drive prices higher. When considering the pair remains in a long-term downward trend, the bias is still in favour of the sellers.
Traders with a short term outlook might seek to execute sell trades on an hourly close below 0.00084500. That highlights the last bullish post standing on today’s chart. Any dip below could that mark could expose the pair to lower levels.
In the event that a short trade is signalled, an initial stop loss at 0.00086200 may be prudent to protect against any surprise buying spurts. Yesterday’s low of 0.00082000 remains the immediate target, weakness around which, is likely to see EOSBTC slip all the way down to last week’s trough of 0.00079000.
EOSBTC Resistance: 0.00086000/0.00089500
EOSBTC Support: 0.00084500/0.00082000
Entry Point: 0.00084200 BTC
First Target: 0.00082200 BTC
Second Target: 0.00080200 BTC
Stop Loss: 0.00086200 BTC
Entry Point: 0.00086200 BTC
First Target: 0.00089200 BTC
Second Target: 0.00092500 BTC
Stop Loss: 0.00085200 BTC
- Lack of significant volumes in the event of a breakdown could point to a false move