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Last trading week on the EOS market was not marked by heroic actions by buyers. Closing the weekly candle from 27 September with a hint of readiness to grow, buyers failed. Last week's candle closed below the opening price and left a pin up. All this happened on average volumes, after which sellers took the local initiative in the market into their own hands. Completion of buyers' attempt to create a new medium-term trend at the very beginning indicates a high probability of the local low update.
https://www.tradingview.com/x/JkWjkRpI/
There is a desire in the EOS market for a reversal, but there is no appropriate liquidity zone for this yet. The $3.5-$3.8 range is a great candidate for this role. However, to confidently confirm this hypothesis, buyers should not allow the EOS price to reach this liquidity zone by one weekly candle. In the event of a systematic fall in a few weeks without high trading volumes to this range, we will expect the beginning of a new growth wave. But, if the EOS price during the current weekly candle can test this range, the fall will continue to $2.9. Because the Bitcoin market is now considered a nuclear bomb, an explosion in price will entail the entire crypto market. Investing in EOS is dangerous at the moment.
The fact is that Bitcoin dominance continues to grow. Also, its price is near historical highs, where the global correction began in May. Given the low trading volumes when buyers try to break the $60,000-$63,000 range, there is a possibility of a new fall wave. In this case, the mark of $2.9 will not stand in the market and the EOS price will look for itself in the range of $2.5.
Technical Analysis of EOS in the Daily Timeframe
Analyzing the price movement in the daily timeframe, you can see that sellers are not yet behaving aggressively. Thus, the absorbing daily candle from 10 October opened the door for sellers to form a local downward trend. Though, so far the EOS price is not falling very convincingly and has now stopped in the local range of $4.3-$4.38. It is this range that kept the EOS price on 7 September, when the entire crypto market fell by 30-40%.
Therefore, the weak pressure of sellers in this range will indicate the unwillingness to continue the EOS price fall. And this fact will raise the confidence of buyers and will build another local growth wave with a target of $5.7.
The EOSBTC Price Is at Historic Lows
https://www.tradingview.com/x/EXMVcxCN/
The EOSBTC chart also speaks of a possible EOS price rebound. In the weekly timeframe, we see that the price is now near the range from which the growth wave began in July. In addition, in 2017, the EOSBTC price began to grow by 2000% from this range. The cult liquidity zone should not allow sellers to push the price lower from the first time so easily and without high volumes. Thus, we expect a rebound in the EOS market, and by the strength of this rebound, it will be possible to understand the further buyers' intentions.