EOS Technical Analysis: Looking For Bottom
EOS is approaching the apex of a wedge it’s been operating in for the past 24 hours. I expect a breakout, up or down, in the near future. If price breaks down, watch for a possible bear trap at the prior low of $4.82. If price drops below that level, a drop to at least the $4.57 support becomes probable.
Zooming out on the daily, I’m counting this as a WXY pattern. I believe EOS is completing the final wave C.
The 4 hour RSI looks to have formed a small rising wedge. This suggests a drop may be coming in the near future. That said, watch out for the a bear trap I referenced above. Market makers might push price down, only to take out stops and quickly reverse course.
In today’s video analysis, I discuss market psychology, where the bottom may be, relevant areas of resistance 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
If you found this post informative, please:
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853
Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here, free of charge: https://brave.com/wor485
Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005. Also, make sure to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. Sign up for a free membership and take advantage of the knowledge shared by many investors. You can find the link to TIMM below.
Published on
by Workin2005
I would say it might be time to start loading up or average down depending on your situation. If it goes to $4.00 then how much lower can it get? To around $3.50 or so before it skyrockets.
If it does drop, I can't see it going lower than $3.90. From there, I expect an impulsive bounce.