EOSUSDT S/R Flip Retest|Ascending Support|Structural Resistance
Evening Traders,
Today’s Technical Analysis will focus on EOSUSDT, a confirmed S/R flip, price is holding a key level as it respects an overlying Fibonacci Extension, 1.272.
Points to consider,
- Key resistance breached
- S/R flip confirmed
- 21 MA Support
- RSI broadening wedge
- Stochastics in upper regions
- Low volume
EOSUSDT has breached a key resistance and has respected the 1.272 Fibonacci Extension; price is likely to consolidate in this region before a continuation.
A confirmed S/R flip with a wick is evident, this is a sign that buyers are stepping in to hold price above a structural area. The key 21 MA has been support along the ascending support line, it must hold as a visual guide when testing upper regions.
The RSI is in a broadening wedge pattern, a break below will test its median support line. Stochastics on the other hand is trading in the upper regions, can stay here for an extended period of time however lots of stored momentum to the downside.
Volume nodes are still quite low, bearish sign for the bulls, an increase must be associated with bull momentum – otherwise EOSUSDT is prone to roll over.
Overall, in my opinion, EOSUSDT has broken and confirmed immediate support of a key level. Price is likely to test Fibonacci Extensions on its way up to structural resistance – the bearish argument is low volume that needs to increase in the coming days.
What are your thoughts?
Please leave a like and comment,
And remember,
“What has happened in the past will happen again. This is because Markets are driven by humans and human nature never changes.”
Today’s Technical Analysis will focus on EOSUSDT, a confirmed S/R flip, price is holding a key level as it respects an overlying Fibonacci Extension, 1.272.
Points to consider,
- Key resistance breached
- S/R flip confirmed
- 21 MA Support
- RSI broadening wedge
- Stochastics in upper regions
- Low volume
EOSUSDT has breached a key resistance and has respected the 1.272 Fibonacci Extension; price is likely to consolidate in this region before a continuation.
A confirmed S/R flip with a wick is evident, this is a sign that buyers are stepping in to hold price above a structural area. The key 21 MA has been support along the ascending support line, it must hold as a visual guide when testing upper regions.
The RSI is in a broadening wedge pattern, a break below will test its median support line. Stochastics on the other hand is trading in the upper regions, can stay here for an extended period of time however lots of stored momentum to the downside.
Volume nodes are still quite low, bearish sign for the bulls, an increase must be associated with bull momentum – otherwise EOSUSDT is prone to roll over.
Overall, in my opinion, EOSUSDT has broken and confirmed immediate support of a key level. Price is likely to test Fibonacci Extensions on its way up to structural resistance – the bearish argument is low volume that needs to increase in the coming days.
What are your thoughts?
Please leave a like and comment,
And remember,
“What has happened in the past will happen again. This is because Markets are driven by humans and human nature never changes.”