EOS Technical Analysis: Bulls Attempt to Fight Back

Yesterday I told you price had entered a key demand zone. All indicators were oversold on all timeframes. As expected, price bounced and is currently consolidating around $5.80. Pulling from the prior high, we can see EOS is approaching the 0.382 fib level at around $6.03. This coincides with a tiny order order block between $5.93-$6.00. I expect price will bounce off this area and retest the demand zone between $5.60-$5.10.

Looking at the 4 hour chart, we can see price is finding resistance at the 8 day EMA. This is a rather bearish sign of weakness.

The 1 day RSI shows a clear descending resistance. A break above would signal a large shift in momentum towards the bulls.

In today’s video update, I discuss short term price movement, possible trade setups, traps to avoid 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: Slightly 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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