EOS (EOS) Market Update for Nov 12, 2018

Nov 13, 2018 --- Altcoins

As we ramp up our new EOSBTC coverage given it is the winner of the altcoin rotator this month, we'll begin with a look at the daily chart where we can see that like many other alts right now price action is rather anemic which is sparking a series of neutral SCMR signals on uncertain market structure and anemic momentum and volume indications, all of which suggest more sideways movement between 0.00082 and 0.00087 for the foreseeable future. That said, price is currently staying above the slightly bearish EMA's and there is an active trendline just below there around 0.00082 which is providing support as well, and this is also where the top of the upper demand area and the top of the Ichimoku Cloud both reside, so we think that level will be defended in case of further weakness over the near-term, although want to wait to see if a washout materializes hence our conservative Pro Trades for the time being.

We will consider a LONG position on a pullback down to the 0.000xx - 0.000xx area with a stop around 0.000xx and a target of 0.00xx.

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