Yesterday I said price would likely rise to $9.30 before correcting. Overnight EOS hit $9.34 and now seems to be in an ABC correction. Price is operating within a wedge. I'm watching out for a possible break up, only to create a double top and then fall back down to complete wave C. If this plays out, I'd expect the target for wave C to be between $8.60-$8.40. Here's how this might play out.
The 4 hour RSI is overbought. This suggests a pull back is likely.
The 4 hour MACD is starting to downtrend...and the Signal/MACD lines are showing signs of reversing.
Looking at the daily chart, we see price is finding resistance at the 200 day EMA. The 8 day EMA looks as though it may cross the 21 day in the next 24 hours. If that happens, it's going to be a very good sign of market strength.
We can see price is sitting in a strong supply zone. Price needs to take out that zones prior high of $9.44. If that happens, I expect price to rise up and test the $10.30-$10.90 supply zone.
Please watch my video analysis for MUCH more detail not found above.
Video Analysis:
BIAS:
Short Term: Slightly Bullish
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
@workin2005 hello 👋 sir ,, You have analyzed EOS coins very well, but I think the news of EOS is now in the market too, maybe 2018 last is EOS $ 50 cros, but all depends on the cryptocurrency king, above the bitcoin, what is your I think
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Wow, those are some very strong looking indicators. This is the uncertain part of TA I love: if the market continues its little bull trend, with indicators that strong signalling a correction, what happens next? I love watching things which add to my knowledge base for the future.
They are looking strong...at least for the moment. If it were to keep going up, the indicators would continue to rise...much like they did at the end of 2017. All we can do is trade on probability. With that in mind, it looks like the correction is happening. This should be telling. If we get a healthy, structured correction, followed by another impulse...I'm going to start getting much more optimistic.
Same here!
Great, I'll follow your youtube channel :)
Thanks @forex-intraday. I don't promote that channel much at all. I just use it as a way to post videos here on Steemit. I appreciate your support my friend.