EOSUSD Trend Line Respected| Local Resistance Confluences
Evening Traders!
Today’s analysis will focus on EOSUSD which has been in a defined downtrend, currently testing a key resistance area that has multiple confluences.
Points to consider,
- Bear Trend – Consecutive lower highs
- Resistance confluences (21 EMA, local resistance. .236 Fibonacci)
- Define down sloping trend line
- RSI testing resistance
- Stochastics neutral
- Low volume – influx imminent
EOSUSD has put in consecutive lower highs; price is currently testing local resistance that is accompanied with multiple confluences. In this area the .236 Fibonacci and the 21 EMA in convergence are giving clear sell pressure.
The down sloping trend line has been respected with multiple touches; a rejection from current local resistance will likely mean another retest of the trend line.
The RSI is testing median resistance, coming out of oversold conditions – quite neutral at current given time. Stochastics is also neutral, has stored momentum in both directions.
EOSUSD has clear dry volume with a recent bull pump failure; an influx will be imminent. This will be in conjunction with price direction.
Overall, in my opinion, EOSUSD needs to break resistance confluence with multiple higher lows to establish a trend change. However a rejection here will be in confluence with a volume spike, leading to a probable retest of the lower trend line.
What are your thoughts?
Please leave a like and comment,
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
Today’s analysis will focus on EOSUSD which has been in a defined downtrend, currently testing a key resistance area that has multiple confluences.
Points to consider,
- Bear Trend – Consecutive lower highs
- Resistance confluences (21 EMA, local resistance. .236 Fibonacci)
- Define down sloping trend line
- RSI testing resistance
- Stochastics neutral
- Low volume – influx imminent
EOSUSD has put in consecutive lower highs; price is currently testing local resistance that is accompanied with multiple confluences. In this area the .236 Fibonacci and the 21 EMA in convergence are giving clear sell pressure.
The down sloping trend line has been respected with multiple touches; a rejection from current local resistance will likely mean another retest of the trend line.
The RSI is testing median resistance, coming out of oversold conditions – quite neutral at current given time. Stochastics is also neutral, has stored momentum in both directions.
EOSUSD has clear dry volume with a recent bull pump failure; an influx will be imminent. This will be in conjunction with price direction.
Overall, in my opinion, EOSUSD needs to break resistance confluence with multiple higher lows to establish a trend change. However a rejection here will be in confluence with a volume spike, leading to a probable retest of the lower trend line.
What are your thoughts?
Please leave a like and comment,
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.