Conclusion for today’s EOS technical analysis:
Price closing above ~9.38 implies more bullish upside in EOSIO.
The Daily timeframe candlestick chart of EOSIO is examined in today’s analysis on a logarithmic scale. The bullish price swing from December 08, 2018 till current date is the main focus of study using chart pattern(s) and moving averages.
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A bullish price channel helps to provide context for price action since December 08, 2018 with ellipses used to indicate pivots used to draw the channel. It is crucial to pay attention to the bullish chart pattern for reference and/or projection of price for profit taking.
The 200 Day and 50 day moving average is shown on the chart with the latter indicating bullish strength. Slope of the 200 day also turning positive will further bolster a bullish bias in EOSIO.
Resistance as marked on the chart is present between ~9.38 (upper boundary) and 6.6.3 (lower boundary). Price currently trading at the lower boundary presents a challenge to the current uptrend on the Daily timeframe.
Another price level or pivot for resistance in the uptrend that can be anticipated is the upper boundary of the channel (~8.20) that is the target for price action. This intersects the resistance region and should give way prior to price testing resistance at 9.38.
The least conservative form of entry into a long (bullish) position is to initiate orders in anticipation of a breakout above the upper boundary of the channel, while the most conservative entry into a bullish position is to buy on a breakout above 9.38.
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