EOS IS ABOUT TO BE TESTED: Technical Analysis on EOS

EOS appears to be operating within a descending, broadening wedge. It’s approaching a major resistance line (denoted in yellow) that’s rejected price numerous times since early May. This will be a big test for EOS. If it can break above this resistance, a quick rise to at least $5.50 is likely in my opinion.

The descending resistance on the 1 day RSI remains in tact.

The 4 hour MACD continues to get squeezed within a wedge. The closer it gets to the apex, the more likely a breakout.

My bullish count has EOS having completed an ABCDE correction, and currently on wave 2 of 5 waves up. If this count is correct, the target for wave 3 would be $5.55.

If EOS is again rejected off the larger descending resistance line, I think it’ll crash below the $4.67 support. Unless volume increases greatly, the below scenario is very likely.

In today’s video analysis, I discuss what to expect going forward, where I’m planning to buy and sell, traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.

Video Analysis:

If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.

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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