Technical Analysis on EOS: Bulls and Bears Fight for control

Screen Shot 2018-06-15 at 6.20.45 PM.png

Since reaching the top of primary wave 1, EOS has been correcting rather quick. It’s crashed through the 0.236, 0.382, and 0.5 fib levels. Now it’s approaching the all important 0.618 fib (golden ratio) at $7.60. The bull in me wants to believe it’s going to bounce hard and strong off the golden pocket and soar to at least the 1.618 fib ($12.25). If we get a strong bounce with volume to sustain the impulse wave, it may play out like this:

Screen Shot 2018-07-20 at 8.18.12 PM.png

If you’re a bear, one possible scenario you’re hoping for is for price to bounce slightly off the 0.618 fib, rise up to test the $8.00 resistance, then get rejected and drop to the $7.20-$6.90 support zone. Here’s how that might play out:

Screen Shot 2018-07-20 at 8.22.30 PM.png

Looking at the 4 hour chart, we can see price has dropped below the 8, 21 and 55 day EMA’s. The 8 day EMA crossed below the 21 day EMA. It looks to be ready to drop below the 55 day EMA. This is a bearish sign of weakness.

Screen Shot 2018-07-20 at 8.13.34 PM.png

Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story.

If you’re viewing this on a site like SteemFollower, you won’t see the below video. Navigate to Steemit in order to click on and watch my video analysis.

Video Analysis:

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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wstanley226 (58) · 6 years ago

Solid analysis, following.

$0.00

4 votes

workin2005 (67) · 6 years ago

Thanks @wstanley226.

rollandthomas (74) · 6 years ago

Nice analysis, whats your downside target?

1 vote

For now...$7.00. If that breaks decisively , we could see as low as $5.90. I see a path to $5.00, but a lot would have to go wrong. Yours?

I like it at $5.

workin2005 (67) · 6 years ago (edited)

It might get there longer term (by that I mean a week or more). In the short term, there's a fairly strong support around $5.90 that'll need to be taken out.
Still, $5 is a real possibility. As I said in the video, based on the last pivot high hitting a perfect 0.618 in relation to the prior pivot high, some algos are absolutely targeting exactly $5 (well, $4.98 on Bitfinex, but who's keeping track). Whether or not it gets there is another story. This will be a real test for the bulls.
Screen Shot 2018-07-21 at 6.27.02 AM.png

thethreehugs (61) · 6 years ago

Thanks for the tip on Brave..think I will give it a try.

My pleasure @thethreehugs.

binoy2018 (42) · 6 years ago

wow nice analysis sir i likenit..

dulborah (0) · 6 years ago

Reveal Comment

onkar61 (21) · 6 years ago

i upvote your post pls follow me back

Thanks

hirshan (38) · 6 years ago

Yes brother EOS is good coin and its future is very bright..
Thanks for sharing