Technical Analysis for EOS: Bulls Eye Key Resistance

The bulls have been unable to break above the key resistance/supply zone between $8.80-$9.45. It looks like they’re attempting to retest that zone, but will need volume to increase for that to happen. Referencing the prior high to swing low, we find the "golden pocket” (between 0.618-0.65 fib levels) to be nearly on top of the $9.45 resistance.

Looking at other support/resistance zones, if price breaks above the $9.45 resistance, I expect price to rise rather quickly to the $10.30-$10.90 supply zone. If price is rejected, I expect a drop to a very small demand zone between $7.95-$7.60.

The daily RSI reveals a wedge. If EOS can break above the wedge, it’ll likely break above the $9.45 resistance. A drop below may mean a testing of the lower $6.90 support.

If EOS can break above $9.45, my bullish scenario will be in play. Here’s how it might play out:

Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story.

If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.

Video Analysis:

BIAS:
Short Term: Neutral
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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by Workin2005

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