BINANCE:EOSBTC   EOS / Bitcoin
Good Morning, Traders!

EOS looks to be forming into a pennant after a recent very bullish candlestick was created. As of now, the top and bottom of this possible pennant have only been tested twice each. This doesn't make the pennant very strong and could also be forming a double top pattern instead. If the pennant completes, the breakout will most likely be bullish and will be met with resistance at the 161.8% fib retracement level. Although, after measuring the breakout, the target for this pennant breakout will be slightly before the fib level, but closer to the resistance caused by the Ichimoku cloud .

If the double top pattern occurs instead, the price will be expected to travel about the same magnitude, but in the bearish direction. The price is expected to mee resistance at many points on its trek downwards but the greatest resistance will be at the price point of around 0.00051000.

Important Resistance Levels: 0.001, 83336
Important Support Levels: 0.00068, 0.00065

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Written by:
Arham Bheda
Senior Research Analyst
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