Now that EOS has broken out of the 2nd descending channel since its amazing rise, it may appear that we are free to rise higher. That hope may well turn out to be true, especially since the support level seems to have held. However, the 3rd descending line is not too far along and EOS will have to contend with that, as well.
The low volume is a concern. Breaking out of the channel may seem positive, however, that may be due to price manipulation.
If the ascending trend line does not hold, then the next support would be around 16,800 (from a recent high and the 61.8% fib).
I prefer for a trend to appear (2 solid candles on a 4-hour chart) to wait and see.
The low volume is a concern. Breaking out of the channel may seem positive, however, that may be due to price manipulation.
If the ascending trend line does not hold, then the next support would be around 16,800 (from a recent high and the 61.8% fib).
I prefer for a trend to appear (2 solid candles on a 4-hour chart) to wait and see.
We may not be completely out of the woods, yet. However, with the recent high and a higher low we are charting a new course on the 1-hour chart.