EOS Update: Major Test for Bulls

in #cryptocurrency5 years ago (edited)


EOS has been consolidating for a few days. To recap, I believe it's currently on wave 3 of 5 waves up. We aren't seeing the typical impulsive behavior usually associated with a third wave...but it's still early. If this count is correct, a conservative target for wave 3 is approximately $17.64...the 1.0 fib level.

Screen Shot 2018-06-07 at 7.29.38 PM.png

bull vs bear 2.jpeg

Zooming in, we can see EOS is reaching a critical point. The ascending support and resistance line are intersecting. One or the other is going to fail in the next couple days. This is a major test for the bulls. Volume must increase to give it the momentum it needs to break through.

Screen Shot 2018-06-07 at 7.09.28 PM.png

The 4 hour RSI has established a strong ascending support line as well. This needs to hold if this bullish scenario is to remain valid.

Screen Shot 2018-06-07 at 7.20.28 PM.png

The 4 hour MACD has just crossed over to the bullish side and has plenty of room to rise.

Screen Shot 2018-06-07 at 7.49.56 PM.png

Let's keep an eye on the this over the next 24 hours. If EOS can break the resistance, I see a lot of upside.

Short Term: Neural to Slightly Bullish
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.

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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly. Technical analysis is simply a guide. It doesn’t predict the future. Anyone that claims they know exactly what’s going to happen is foolish, lying or both. Technical Analysis should only be used as a tool to help make better decisions. If you enter a trade, I recommend having a stop loss and sticking to it. You will loose at times. The key is to have more wins than losses. With that in mind, I wish you great success.

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FYI…I just started a Facebook and twitter page where I’ll post analysis, along with other relevant crypto data from myself and others. If you’d like to be notified as soon as updates reach Steemit, the twitter handle is @Workin2005 and the Facebook page is https://www.facebook.com/Workin2005/


Greetings my friend!

Eos was predicted at 33$ in July by one and only John Mccafe

Haha...take that with a grain of salt.

You are right but it is just crazy how one person can have a influance on the whole coin/token.

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Your post is very starred. continue in your own way because it looks very interesting, and we are always on your side. @workin2005
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