EOS technical analysis: More trouble ahead

Price closing below ~2.79 implies more downside action in Eosio

The 4 hour timeframe of Eosio (EOS USD) is investigated in this analysis covering over 3 months of price action from December 07, 2018 to current date.The price swing starting from a price low of ~1.55 onwards is captured in this analysis using a bullish price channel (tentative).

Also shown on the chart is immediate support level between ~2.79 and 3.21. Any long (buy) position(s) should be considered only if price retraces and consolidates at the support level .

The above strategy is considered less conservative compared to a breakout above the top of the current channel (at ~5.33) before initiating a long (buy) order(s).

On the other hand, upper boundary of the current channel can also be used to enter short or sell orders, with price breaking below 2.79 presenting a more conservative entry point for bearish position(s) than the former.
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