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It often hurts to look at the path to success that has not been completed. In the case of the EOS market, this is well illustrated by the example of buyers storming the $5 mark. For 2 months, buyers moved away from the blow inflicted in September. By arranging consolidation on a weekly timeframe, buyers prepare to break the $5 mark. It was this mark that stopped the new growth wave with the first target of $6.3 and the final $10. We wrote about such a scenario in our previous analysis. Last week, buyers even managed to break the $5 mark. However, closing the weekly candle below this mark and forming a pin up, sellers took the initiative in the short term. The answer is more than radical.
https://www.tradingview.com/x/7xHLCdGb/
During the current trading week, the EOS price fell almost 15% and absorbed the two previous candles of buyers. Does this mean that the battle is lost for buyers? Locally yes, but the $4 mark is under the control of buyers. At this point, there is now a trend line, which buyers are actively protecting from January 2021. In addition, just below this trend line is a strong liquidity zone of $3.5-$3.8. In the history of EOS trading, we see that this range from March 2021 withstands all the bullying of sellers and does not allow the EOS price to fix lower. Given these facts, the density of buyers' orders in the range of $3.5-$4 should be sufficient to stop the local initiative of sellers and form a new growth wave.
Technical Analysis of EOS in the Daily Timeframe
https://www.tradingview.com/x/yfHCgzsy/
Analyzing the movement of the EOS price in the daily timeframe, one can notice another important price zone, but, of local significance. In the range of $4.25-$4.35, the EOS price is constantly slowing down during the two-month consolidation. It is fair to consider this range as the middle of consolidation, from which buyers can also carry out trade manipulations. If this range persists until the end of the week and buyers are able to close the daily candles above it, we will not see the $4 test. Yesterday (17 November) buyers were able to close favourably for themselves. However, on 18 November, sellers are pushing the price with new forces. Therefore, it is worth refraining from global investments in EOS for a few days.
The EOSBTC Price Is Consolidating Near Historical Lows
https://www.tradingview.com/x/RWmz6nCo/
In fact, this is a turning point for the EOS market. Given the fact that the EOSBTC price is on the verge of breaking a historical low, we would not recommend considering this cryptocurrency for active investment. While buyers do not show any interest in changing the trend and this is clearly seen in the trading volumes. If in January, during the set of a new historical low, we saw increased trading volumes and interest of buyers, now the price has fallen without resistance. The current consolidation at the bottom is unpredictable. Therefore, it is worth waiting for the manifestation of strength from buyers in the form of a sharp growth impulse. Only then seriously consider EOS for investment.