OpenBlock

EOS Rejected Key Support, What Next?

BITFINEX:EOSUSD   EOS / Dollar
EOS coin has been one of the most consistent coins during the past three months. It went up from $0.5 up to $18.5, gaining over 3700%! At the same time the bullish trend remains valid as the key support at $11.7 has been rejected and prior to that the 4/1 Gann Fan trendline was also rejected.

EOS/USD continues trading above the 200 Moving Average and while its the case, the uptrend should remain valid. But at the moment the scenario where key support is broken should also be considered. If price breaks below the 38.2% Fibonacci retracement it is likely that EOS will correct further down towards the 61.8% Fibs at $7.4. 

On the other hand, the key support has been rejected and there could be an attempt to go lower, but if it remains respected by the market, EOS should continue moving higher, at least to produce the double top at $18.67.
Comment: EOS right at the gann fan trenline so far rejected and could start moving higher
Trade closed: target reached
Comment: EOS once again is at the support

Comments

Do u believe EOS is a good hold for long term?
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OpenBlock MarcelMartins
@MarcelMartins, It looks solid
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