Yesterday I warned EOS was ready to make a larger move. In my video analysis, I warned of a bull trap. I stated price may break up to the descending resistance line, only to quickly reverse course and drop. That’s exactly what happened. Price actually dropped even further than I expected, reaching as low as $7.42 before the bulls were are to catch it. Fortunately, the bulls had enough strength to push price back above the 0.618 fib level.
The 2 main resistance points we need to break above in the short term are...the yellow descending resistance line on the 4 hour chart above, and the yellow descending resistance line on the 4 hour RSI below.
In todays video analysis I discuss where I think price might head next, traps to be aware of and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.
Video Analysis:
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, but I'm always shorting EOS :D
Always? Even if it hits $5?