EOS technical analysis
EOS seen from the temporality of 1W we can observe how the price has maintained the downward movement since June 2019 marking a series of LH, as the price has approached the zone of localized demand within the price range of 1.88 – 2.78 we began to have a signal of buying pressure, so we could have a new LL within that zone before a rebound to the zone of weekly supply located within the price range of 3.6 – 4.08, the diagonal trend that acts as support I have placed the most correct to the possible angle, however, this is not yet confirmed, so we must expect the price to mark the point once it reaches the area of demand, taking into account the diagonal that acts as resistance we can see how the selling pressure has been very strong, so we must be very careful with the support.
EOS seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the selling pressure has been dominating the session, this pattern that we can observe in the lower figure should end up pushing the price towards a new LL, the support of demand in 1D looks very weakened, therefore, the chances of the break down are very high, as I mentioned earlier, the demand zone in 1W will be an important range where the price should find a rebound towards the supply zone located within the price range of the 3.6 – 4.08 and then be able to reconfigure the support diagonal.
In conclusion, EOS keeps giving a signal of bearish movement, however, as we get closer to the demand zone, the price has been finding recoveries in the price, following the trend we can realize that we should wait for a new LL to look for a long movement that reaches our supply zone, for this to happen the support should be able to hold the price, otherwise we could see a continuation of the trend towards the second zone of demand located within the price range of 0.91 – 1.03, if the price gets past the bid zone and closes above the diagonal resistance we could see a long move towards our second profit target located within the price range of 7.6730 – 8.6938, for the moment it is advisable to wait for the price reaction in the first demand zone, therefore, I recommend to follow very closely the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the move.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
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