EOS. Sell and Go Away?
https://www.tradingview.com/chart/EOSBTC/vyKiuEZv-EOS-Sell-and-Go-Away/
3-Day Chart:
The rally in EOS price looks to be continue. In the middle of February, EOS price turned down. This aligns with the beginning of the rally in the Bitcoin. The drop in price doesn't end yet, I expect to see the price around support level at 50k area.
While there might be a minor support level at the 60k area on the four-hour card, the downtrend has much more room to fall. As long as this downtrend continues, the rally in the market will continue. The RSI, MACD, and EMA indicators confirm the downtrend in three-day chart. The also show the trend should continue for many more weeks.
1-Day Chart:
Looking more closely at the daily chart of the EOS price, we can see the precipitous drop in the price that began in the February. With support at the 60k area, we might see a brief rally at this point back to the 100EMA area, a place that closely correlates with the downtrend on the daily chart. If we get such a rally, it will be a negative for price, indicating we might pull back in the market.
The RSI is below 30 level, indicating an oversold territorry, someone can think, this is a good moment to enter the market, but when we have a rally on the downtrend market, I prefer to wait some time. The MACD is below centerline, confirming the bear market.
4-Hour Chart:
On the four-hour chart, the EOS price has a significant resistance from 20/50/100EMA lines, if the price break through resistance lines of the falling trend, we can see a support from the 50EMA.
RSI is below 30 indicating a downtrend and oversold territory. The MACD is turning up to the centerline but it seems the MACD can make a bearish crossover again.
The 100EMA is an excellent indicator of the longer-term trend for the market. When the slope of the 100EMA is positive (trending up) it means the market trend is up. Should the slope of the 100EMA become negative (trend down) the market is trending down. At this time, the 100EMA is flat. Should it turn down, it will tell us the market is trending down.
For MARCH, I am expecting the market to trade in a range 60k area as the high 45k as the low.
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