Daily Technical Analysis EOS (EOS/USD): EOS going through correction, breached some Heavy Supports, Further Fall Expected.

Analysis Summary:

Hi friends welcome to this analysis of EOS,

EOS is a crypto asset about which I am most skeptical about, in my personal view EOS is going to be on the top of whole crypto universe.

But from a day trader point of view in which I don’t like to look much far in the future, I only look to make profits whether upward or downward, In doing so I only trust the trend because I know “Trend is my Friend”.

Looking at the chart we can see that EOS was moving in upward channel looking to go higher and higher, but it has now fallen below that upward channel and not just that it has now significantly broken below the crucial support of EMA20 (Shown in orange), As of now the bears have sort of turned the table by breaking two supports at once, how long it will continue, that will be crucial to watch.

EOS is now moving downward, where 38% retrace @$10.7 can be its next support. EMA50 (shown in blue) is also converging near this support, if EOS succeeds in reversing itself from those supports then it can restart its upward journey again.
But as mentioned both 38.6% retrace and EMA50 are converging, if bulls manage to have a go at two supports together then a further fall can send EOS BELOW $9 levels, and I do not talk about very long term this can happen soon, so the next supports will be crucial to watch.

On the MACD side there is also a bearish crossover and volume side also looks weak, which can further increase sell side momentum,

So people trade with caution, that is my only take on EOS today, I will be posting my EOS analysis daily now, Follow my blog and keep yourself updated.

Best of luck to you all, Have a good time.

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Legal Disclaimer: The Analysis posted here is personal view of author and not meant to be an investment advice. Nothing can be sure. any kind of analysis is predictions based on past moments

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