I last spoke about EOS over one month ago,
At the time, EOS was in a downtrend and at the time, price fell into the $8 demand zone.
But I thought the level to buy EOS was a bit lower, if price went down the weekly demand zone.
For the past four weeks, price has just been basing within the daily demand zone. At the beginning of July, the buyers pushed price up, but there wasn’t enough buyers and price eventually made a lower low on July 12th. Then the buyers stepped in again, but couldn’t push price high enough to close above the previous highs made in early July.
Price not being able to make new highs is significant. The fact that the most recent basing couldn’t be held, suggest price is going lower and that there is more downside risks. The next key level is the previous pivot low at $6.56. If price closes below $6.56, the chart suggest price will head down further to the weekly demand zone at $5.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
I expect the breakout with a new low. Let's pass from the daily demand to the weekly one ;)
I completely agree. If the prior low of $6.56 is taken out, it may very likely hit $5. If it does, I’m all over it.
Love the content. I was just approved on Steemit today. Cant wait to learn more crypto...Such amazing views!
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Whynot
thanks @surikowstepanuk