Technical Analysis on EOS: Quick Update
EOS has continued consolidating since my last update. I’m expecting a larger move very shortly. To the upside, EOS is facing very strong resistance at $9.44. There’s strong support between $7.70 and $7.30.
Video Analysis
Please watch the video for detailed analysis not included in the screen shots below.
Major Support/Resistance Zones:
EOS is currently bouncing between the 8 and 21 day EMA. The bears are trying hard to push it below, while the bulls are holding their ground...for now. A break above the 21 day EMA would be a very bullish indication.
Price is being squeezed tighter and tighter within a wedge. It may break up, or down at any moment.
The 4 hour Stock RSI is over sold and starting to trend up.
The 4 hour RSI has formed an ascending support line. If this line holds, we can expect the uptrend to continue. If it breaks, EOS will likely test the $7.70 support zone.
Scenario 1 has wave 4 complete, with wave 5 just beginning. We need to see volume spike if this scenario is to be validated.
Scenario 2 has 5 waves completed, ending with a truncated 5th. This would put EOS in an ABC correction as shown.
The above video analysis goes into much more detail. Let’s see how the next 24-48 hours unfold.
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! I have just written an article on my blog about EOS and I also have a bullish outlook for the long period.
There is an up-channel starting in November 2017 and EOS is very close to the bottom of it. It may be a good opportunity to buy with a great risk-to-reward ratio.
Thanks @forex-intraday. I'm still holding a good amount of EOS I bought back in October. Great longterm hold in my opinion.