Chart shows common supports and resistances based on the Fibonacci and price action. The total evaluation for EOS is bearish. The coin itself has been repetitively been exhibiting pump and dump cycles with no long term retention of that price in the higher levels of the Fibonacci and almost always crashes towards the 2$ region. For each and every oversold indication in the Relative Strength Index, it did not establish buyer interest (support) in the higher regions of higher lows therefore the better strategy for this coin is to short it (with low leverage to account for unpredictable volatility) based on the tested resistances. Any price action to the upside that gets more than 100% of its strong support value is considered an outlier and should therefore be shorted.
Comment:
Due to the positive news of FED today, the move to the upside is more likely now than approaching the 2$ range however the resistance near the 5$ is still a major resistance until proven otherwise. Happy Longs Everyone!