EOS finally broke out of the long-term trendline and has retreated back down to the demand zone. We have bounced off of this area and are currently retesting the trendline with a close above being bullish for continuation. The Altcoin market cap chart looks like it has topped out for the moment so we could see EOS fall back under and possibly retest the lower bigger demand zone. EOS needs to hold this lower zone or else we could very well see new lows for the year.
Bitcoin is holding up so far but any sign of weakness could cause all altcoins to spill over. We are currently in between support and resistance areas so this is a no-trade zone and awaiting a move towards one or the other will hopefully give more clarity on direction. RSI has returned near the mean and MACD has crossed over and is heading back down to the midpoint.
Stay safe everyone!
Thanks guys!
Bitcoin is holding up so far but any sign of weakness could cause all altcoins to spill over. We are currently in between support and resistance areas so this is a no-trade zone and awaiting a move towards one or the other will hopefully give more clarity on direction. RSI has returned near the mean and MACD has crossed over and is heading back down to the midpoint.
Stay safe everyone!
Thanks guys!