Technical Analysis on EOS: Approaching Key Support Areas
EOS has broken below the 0.618 fib, indicating the bulls have very little fight at the moment. Price bounced off the 0.786 fib and is hovering over it as I write this update. If it decisively breaks below the 0.786 fib ($7.15), it'll likely drop to the $6.90-$6.60 demand zone. I do expect EOS to find some support there...at least in the short term.
If you’re a bull, you’re looking for a double bottom scenario where we see an impulse up start around the prior low of $6.55. I plan on having small buy orders stacked between $6.70-$6.55, with a VERY tight stop-loss set at $6.45. If price decisively breaks below $6.55, we could see a quick drop to the $6.00-$5.75 support zone.
Looking at the 1 day RSI, we can see it’s about to test the bottom of the wedge. Bulls need to defend this support.
Zooming out on the daily chart, we can see price is about to test the ascending support line that’s been in place since November of 2017. A break below would be a very big win for the bears, and signify continued weakening of the market.
In todays video analysis below, I discuss possible trade setups, my absolute must buy zone 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 https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.
BIAS:
Short Term: Bearish
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
I think that your ascending support or what I like to call it baseline support is going to be broken in the following days and the price will continue in a downward trajectory.
I think there’s very high probability EOS will hit at least $6.00.
yep 6$ is the next level, we will see what happens there.
Thanks for this analysis! I am totally with you in assuming a long-term bullish development for EOS, as I expect such a rally for all of the most popular currencies/tokens.
My pleasure.