EOS is Signaling "Wait"

One thing that we have not looked at in quite a while, is Daniel Larimer’s coin! EOS.

Let’s see how they’re doing. For this price analysis, we’re going to stick with the USD charts and the USD charts only.


EOS is in a situation that’s somewhat similar to what we saw with Bitcoin Cash where the price is leaning right against a diagonal support.

In addition, the price is also sitting on top of a horizontal support as well:


Common convention states that this confluence of factors tends to be the catalyst for a major rebound in price action.

But we must not be hasty in our decision making.

Let’s check out some of the other indicators for $EOS to see what they tell us.

Balance of Power RSI

The Balance of Power RSI on the daily resolution for EOS looks absolutely dismal.


The chart above doesn’t even really need an explanation.

The same scenarios can be seen for our other two favorite momentum indicators (cryptomed volatility RSI + RSI(14)).



Conclusion

The momentum indicators on the daily resolution should serve as a heavy warning for anyone that is thinking about just hopping in on $EOS. However, at the same time, there is a chance that the price bounces off of these support points accordingly (which would create an awesome buying opportunity).

There is also a chance, too, that the price falls through these support points, which would create an awesome short opportunity.

In either case, it would be foolish to favor one position over the other at this point until there have been some definitive signs to suggest that $EOS is beginning to make its way in a certain direction (like what we saw with our $XRP analysis).

Thus, at this point, there is no prescribed plan of action for Zerononcense on this coin.