Although, EOS has formed a falling wedge and the stochastic RSI is still moving to the upside, I am bearish on the price.
Both the Kijun and Tenkan are acting as resistance and moving down that in combination with the bearish Kumo twist, I do not see an upside break of the wedge taking place.
Declining volume and bearish directional indicators help to reinforce that sentiment.
Once the stochastic RSI meets resistance and begins to fall, I would expect that price stays well contained in the wedge and falls close to the .236 Fibonacci level between $6.9 and $7.3~
Both the Kijun and Tenkan are acting as resistance and moving down that in combination with the bearish Kumo twist, I do not see an upside break of the wedge taking place.
Declining volume and bearish directional indicators help to reinforce that sentiment.
Once the stochastic RSI meets resistance and begins to fall, I would expect that price stays well contained in the wedge and falls close to the .236 Fibonacci level between $6.9 and $7.3~
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