Hey, I am back with Another Technical Analysis, this time looking at EOS.
EOS has seen a strong bullish run, and after every run, there is a need for sell off - profit taking, correction.. Many people are calling this a dump or similiar stuff which I can explain only that these people arent in this market like home, doesnt understand the basics of cycles, price movements, breakouts etc.
So anyways, lets move on to the daily chart.
Bearish channel has occured after the bull run, currently EOS is headed to the demand zone, if EOS bounces from this zone, it will be a really strong bullish Indication. What else can happen.. EOS can bounce off 50 day MA which would be still a strong bullish Indication, or none of these if Bitcoin will breakout that would lead also EOS to a breakout.. but this is more likely that EOS will see its demand zone at least once. Keep in mind that this is a Daily chart and will take some time.
Hope that wasnt so difficult to understand, lets look at some Indicators.
RSI has failed to hold at its known support, bearish signal.
MACD we can see still more sellers, but we can be in a stage where the sellers will be reducing, bearish signal.
Exponential Moving Average is highly above the price levels, bearish signal.
50 Day MA is pretty close to current price, thats at least one good signal, not exactly bullish but good.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my discord channel!
Hope I made your view on whats going on with EOS somehow clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will do an update!
EOS has seen a strong bullish run, and after every run, there is a need for sell off - profit taking, correction.. Many people are calling this a dump or similiar stuff which I can explain only that these people arent in this market like home, doesnt understand the basics of cycles, price movements, breakouts etc.
So anyways, lets move on to the daily chart.
Bearish channel has occured after the bull run, currently EOS is headed to the demand zone, if EOS bounces from this zone, it will be a really strong bullish Indication. What else can happen.. EOS can bounce off 50 day MA which would be still a strong bullish Indication, or none of these if Bitcoin will breakout that would lead also EOS to a breakout.. but this is more likely that EOS will see its demand zone at least once. Keep in mind that this is a Daily chart and will take some time.
Hope that wasnt so difficult to understand, lets look at some Indicators.
RSI has failed to hold at its known support, bearish signal.
MACD we can see still more sellers, but we can be in a stage where the sellers will be reducing, bearish signal.
Exponential Moving Average is highly above the price levels, bearish signal.
50 Day MA is pretty close to current price, thats at least one good signal, not exactly bullish but good.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my discord channel!
Hope I made your view on whats going on with EOS somehow clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will do an update!
Comment:
Dont get tricked by todays candle, Yes EOS could break even from this level, anything is possible, but RSI needs to cross steeply ressistance of 51 and break the top of this channel.
Comment:
EOS looks strong on 0.0015 level so far, but the RSI is on thin Ice.
Comment:
This is really Interessting, real decision point. Look how the RSI struggles with the known ressistance level and also the price being right at bottom of downtrend channel, MACD looks good but RSI is the first one to look at.