EOS Technical Analysis: Double Bottom or Bust

Yesterday I warned price would likely bounce off the $6.00 resistance and retest the $5.60-$5.10 support. That’s exactly what happened. In my video analysis I warned if price dropped below $5.40, it'd likely test the prior low of $5.10. As of writing this update, price is sitting at $5.19. I think there may be more downside. Best case for the bulls would be a double bottom bounce around $5.10. If price drops decisively below $5.00, there’s very little support until $4.00.

Looking at he 4 hour chart, price has been unable to break above the 8 day EMA for 2 days. It’s nearing the lower Bollinger band...which happens to sit right at $5.00. This is a good physiological support. Dollar cost averaging in now is risky, but could pay off. If you do choose to DCA in, I’d keep my stops very tight.

In today’s video analysis I discuss where price may go from here, trade setups, market psychology 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

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