Posted on Leave a comment

EOS technical analysis: More trouble ahead

Conclusion for today’s EOS technical analysis:

Price closing below ~2.79 implies more downside action in Eosio.

The 4 hour timeframe of Eosio (EOS USD) is investigated in this analysis covering over 3 months of price action from December 07, 2018 to current date. Previous analysis is provided here. The price swing starting from a price low of ~1.55 onwards is captured in this analysis using a bullish price channel (tentative).

Eos prediction

Also shown on the chart is immediate support level between ~2.79 and 3.21. Any long (buy) position(s) should be considered only if price retraces and consolidates at the support level .

The above strategy is considered less conservative compared to a breakout above the top of the current channel (at ~5.33) before initiating a long (buy) order(s).

On the other hand, upper boundary of the current channel can also be used to enter short or sell orders, with price breaking below 2.79 presenting a more conservative entry point for bearish position(s) than the former.

Sign up now  for full access to our premium research and analysis to learn more about the EOS prediction, other cryptocurrencies, and foreign exchange (FX) pairs.

Interested in the Ethereum Analysis (ETHUSD)? Checkout our previous free blog post here.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.