EOS Begins a Gradual Rally; Can It Reach the Resistance Level at $6?

Key Resistance Levels: $5, $6, $7
Key Support Levels: $3, $2,$1

EOS Price Long-term Trend: Bullish
EOS is in a bullish move but it is encountering penetration at the $3.70 price level. The market pulls back and continues to trade below $3.70. EOS has made concerted efforts at the resistance so as to move up the price ladder.

Previously, the bulls have successfully prevailed over the downtrend line as the coin moves up. Similarly, if the current resistance level is surmounted, the coin will move up again to either $4.60 or $5 price level. Nonetheless, if EOS fails to move up, the coin will fall and find support at $3.20.

EOSUSD - Daily Chart

Daily Chart Indicators Reading:
The RSI period 14 levels 58 signify that EOS is falling and approaching the sideways trend zone. EOS is at the point of a bullish crossover which means that EOS may rise. The downtrend line has already been broken as the market went up. It is unlikely for the selling pressure to resume and price fall below the downtrend line. If it does price may retrace to a low of $ 3.20.

EOS/USD Medium-term bias: Bullish
On the 4-hour chart, the EOS fell to a low of $2.60 in September and October to resume a bullish move. In September, the market went up but was resisted and it dropped to another low at $2.60.

At this low, a trend line is drawn to establish the level of price movement. The uptrend is said to be continuing if the price makes higher highs and higher lows. Nevertheless, if the market falls and breaks below the trend line, the uptrend is said to be ended.

EOSUSD- 4-Hour Chart

4-hour Chart Indicators Reading
EOS is below 40% of the stochastic indicator signifying that price is in a bearish momentum. The EMAs are trending upward suggesting that EOS is rising.

General Outlook for EOS
EOS is in a bullish market. At a low of $2.60 in September the bull market was short-lived as it was terminated at $3.20 price level. The bulls embarked on another bullish move in October but faced another resistance at $3.70 after breaking the initial resistance at $3.20.

As already indicated in the price analysis, EOS may move up, if it takes care of $3.70 price level. However, on the 4-hour chart, if EOS pulls back and breaks below the trend line, the market will drop again.

EOS Trade Signal
Instrument: EOSUSD
Order: Buy
Entry price: $3.40
Stop: $2.50
Target: $6.0

Share with other traders!

Leave a Reply

Your email address will not be published. Required fields are marked *