Hello guys, Yesterday EOSUSD pumped up with important volume due to the release of EOS's mainnet. From a technical point of view this coin is very strong if compared to BTC, or ETH but after the important soar of saturday it's near an important resistance area. As you can see from the chart, prices are near to collide with $16 area which represents a strong rock to the climb. Once this level will be broken prices can go towards historical high to $23. This strongness is also underlined by indicators: especially CCI indicates a possible prosecution of rally.
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***
Resistance is at 17.5-18. Once 15.50 is broken it should be a ball in the park. Look how it feel from 17.5 to 12. It was an untested area so from what I have learnt over the last few months the sharper the fall is within a range, sharper is the rise too..
BlackSwan_DAR
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@DocAMG, I agree with you if you consider $18 area the main resistance, but $16 area is a resistance too, not so strong, but a resistance. As you can see from the chart from January to today many
times prices reached to this area: for instance on 01-20 or 04-24 or 05-01 when this area acted as a support.
DocAMG
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@BlackSwan_DAR, agreed because we share the common goal. Profit. God Speed brother
DoW-
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@BlackSwan_DAR, Do you reckon it will fall to $12-13 again? I'm looking for a good entry point before the price inevitably goes up.
BlackSwan_DAR
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@DoW-, if it comes back to $12 it denies the bullish movement. If one think this coin has to rise and want to find a good entry point, I think it should try a purchase near $14 or just below with a stop loss of about 50/70 cents.
DoW-
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@BlackSwan_DAR, I've entered again at $14. Good luck brother.
BlackSwan_DAR
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@DoW-, here the stop loss is quite small, in my opinion it should be placed under $13.6