- EOS/USD is heading towards a major resistance level
- Price action points to a move higher but volumes dont confirm the move
- Market found support at 3.30
EOS/USD on the two-hour chart above is heading to a critical level of 3,800 and beyond that, the psychological 4,000 level lies in wait.
Price action today has been bullish as it has been with most cryptocurrencies but the volume on the Kracken exchange is not supporting the bullish view.
On August 15th price bounced off the key daily support level is 3,300 to move 12% higher to where we are today despite another test of the downside yesterday (21st August).
The Daily chart below is showing 4,417 to be another major resistance zone if indeed the 3,800 manages to break.
On the plus side, there has been a bullish cross in both indicators on the daily chart and the hourly indicators still seem to be in positive territory although the Stochastic is showing signs of exhaustion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.