EOS hit resistance right at the prior high of $6.51. It appears to have created a double top, but we have yet to see a strong rejection. Price continues to respect an ascending support line that’s been in place the last week. If this support breaks, a drop to AT LEAST $6.00 is likely. If the bulls can push price above $6.51, we may see a quick rise to the descending resistance line...possibly as high as the $7.00-$7.30 supply zone.
We’re seeing evidence of a coming pull back in the form of bearish divergence on the 4 hour MACD, RSI and Stoch RSI.
The 1 day MACD and RSI are also showing clear hidden bearish divergence.
With bearish divergence that clear, I'd normally bet on a significant pull back. However, futures contracts expire today. Traditionally the crypto market gets very volatile in the 24-48 hours following futures expirations. That said, we really must prepare for anything. Volume continues to slowly increase, but not nearly enough to sustain a long term bull run...not yet anyway.
In today’s video analysis, I discuss trap to watch out for over the next few days, my Elliot wave count, possible trade setups and MUCH more information not found above.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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EOSBTC just had a daily TTM Squeeze fire bull.
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