EOS Price Analysis - August 22, 2018

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At the time of writing, EOS price is currently sitting at $4.7. The EOS chart is showing to be very similar to the charts of its siblings. We saw it form a dynamic uptrend from the 14th to the 18th of August followed by a breakdown and sideways movement since then.

Right EOS is right on the end of the temporary support it has formed at $4.7, but it's not looking particularly strong at the moment. A bounce from this level would have us look at a breach of the next resistance of around $4.9, but if it does manage to get over that level, we'd hope it spends some time to consolidate rather than shoot straight to $5.4 where it got rejected, hard. After that, we'd look for a retest of $5.6, but we're not keeping our hopes up...

Unfortunately for EOS the resistance/support levels aren't as clear cut as with some of the other coins we've covered, but we indicated the main ones on the chart. A breakdown from $4.7 will most likely see EOS range between $4.24 and $4.7 for a while until it gathers enough momentum for a solid move upwards.

If we zoom out and look at the bigger picture, we'll see four things. First, an argument could be made that EOS made a double-top between $18 and $23. It would be a feeble argument, but an argument nonetheless. That would be considered a bad sign. Second, EOS is relatively far away from its lows back in 2017, which means it still has ways to go before full retracement to those levels (compare for example with LTC or NEO). Third, we can see a downtrend line formed since the high in April of this year. Fourth, right now we're very close to the previous low that we reached back in March.

So where does all this leave us? Well this all depends on whether you're fundamentally bullish or bearish on EOS and on the market as a whole. If you're bearish, you could potentially short it here, and exit if it breaks the downtrend line. But that's not really an optimal entry point. If you're bullish, you'd have a much more optimal entry point and go long from here, OR you could wait and see if it breaks the downtrend line and long from there if it does do that, and potentially exit if it breaks below $3.9. Ideally, though, we'd wait and see what happens; EOS is very close to the intersection of the downtrend line and the horizontal support line indicated on the chart, so we could just wait for that "triangle" to fill and see which direction EOS will take from there.

On the daily chart for EOS, technical indicators give a bearish outlook (14 sell, 10 neutral, 2 buy)

On the weekly chart for EOS, technical indicators give a slightly better but still similar bearish outlook (12 sell, 8 neutral, 2 buy)

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