Technical Analysis on EOS: channel breakout and Elliot ABC reversal

EOS

EOS finally broke out of the descending channel pattern, after more then 3 attempts already. The price crossed the Tenkan (blue) and is currently fighting at the Kijun (red). The MACD is also slowly taking off, but the RSI is approaching the 70 mark, which could lead towards a rejection.

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EOS was riding along the 21 day MA, but had a stronger bounce and got at the 55 day MA. A retrace back to the 21 MA is expected which will also reduce the value of the momentum indicators. It completed a 5 wave Elliot cycle, which has to be followed by a ABC correction. I expect to see EOS in the following weeks at the 200 day MA (white)... if Bitcoin keeps the bullish movement.

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These are some of the exchanges I use:

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• Bitfinex - my most used exchange
• Binance - most popular exchange
• Kucoin - excellent exchange, rising in popularity
• Gate - for small cap / new coins
• Huobi - margin trading
• Coinexchange - big variety of coins

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Thanks for reading and safe trading!✌

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