EOS is consolidating within a wedge. I believe a breakout, up or down, is coming as it approaches the apex.
Zooming out on the daily chart, we can see a descending resistance line that’s been in place for nearly 4 months. It’s been tested numerous times. If price can break above this, it’d be a major win for the bulls. Volume must increase if this is going to happen. Right now, we’re not seeing nearly the volume to break above this resistance, much less sustain a long term bull run. Once we have daily volume that consistently exceeds at least $1.5 Billion, you’ll know the bulls are taking control of the market.
The 1 day RSI still remains below the descending resistance I’ve pointed out in my past 2 updates. It’s about to test it again. I’m expecting a breakout, or a major rejection this time. I highly doubt it will just hover right below as it has in the recent past.
Looking at the 1 day MACD, we can see it’s just crossed into bullish territory.
Shorts continue to stack, suggesting retail investors believe price is going to drop. I wouldn’t be surprised to see market makers run a stop hunt to liquidate many of these orders.
In todays video analysis, I discuss multiple traps to avoid, price movement, where to set your stop loss if you’re taking a position 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 TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
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
Good analysis. EOS looks like it's set for a break-out to the upside, because of the symmetrical triangle and the bullish wedge, but I wonder how the ETF decision on the 23rd, which is most likely going to be a refusal, will impact the market.
That's the big unknown. I agree...it'll likely be rejected. The ETF decision everyone's waiting on isn't until Sept 30th. That said, this market is so irrational, any negative news...even when it's expected, can snowball into FUD. The Wednesday decision should be a real test of the crypto market's health.
I would also like to see it hit $4.00 or a bit less so I can reload and then see it prepare to take off.
I’ve got buy orders stacked between $4.00-$3.50. We’ll see if they ever get filled.