Technical Analysis on EOS: Approaching Key Support Areas

in #cryptocurrency6 years ago

Screen Shot 2018-06-15 at 6.20.45 PM.png

EOS has broken below the 0.618 fib, indicating the bulls have very little fight at the moment. Price bounced off the 0.786 fib and is hovering over it as I write this update. If it decisively breaks below the 0.786 fib ($7.15), it'll likely drop to the $6.90-$6.60 demand zone. I do expect EOS to find some support there...at least in the short term.

If you’re a bull, you’re looking for a double bottom scenario where we see an impulse up start around the prior low of $6.55. I plan on having small buy orders stacked between $6.70-$6.55, with a VERY tight stop-loss set at $6.45. If price decisively breaks below $6.55, we could see a quick drop to the $6.00-$5.75 support zone.

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Looking at the 1 day RSI, we can see it’s about to test the bottom of the wedge. Bulls need to defend this support.

Screen Shot 2018-07-31 at 5.57.11 PM.png

Zooming out on the daily chart, we can see price is about to test the ascending support line that’s been in place since November of 2017. A break below would be a very big win for the bears, and signify continued weakening of the market.

Screen Shot 2018-07-31 at 5.58.49 PM.png

In todays video analysis below, I discuss possible trade setups, my absolute must buy zone 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 https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.

BIAS:

Short Term: Bearish
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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I think that your ascending support or what I like to call it baseline support is going to be broken in the following days and the price will continue in a downward trajectory.

I think there’s very high probability EOS will hit at least $6.00.

yep 6$ is the next level, we will see what happens there.

Thanks for this analysis! I am totally with you in assuming a long-term bullish development for EOS, as I expect such a rally for all of the most popular currencies/tokens.