Daily Technical Analysis EOS (EOS/USD): EOS Returns in Bullish channel, $16 in Sight.

Analysis Summary:
Hi friends welcome to this analysis of EOS,

EOS is a crypto asset about which I am most skeptical about, in my personal view EOS is going to be on the top of whole crypto universe.

But from a day trader point of view in which I don’t like to look much far in the future, I only look to make profits whether upward or downward, In doing so I only trust the trend because I know “Trend is my Friend”.

Looking at the chart we can see that EOS is moving in an upward wedge looking to go high, but it fell below the bottom of wedge due to creation of a short term bearish pattern. Below the bottom of wedge there are crucial supports of 50% retrace and EMA200 from 50% retrace EOS bounced back inside to continue its upward journey once again.

EOS is now moving upward again and EMA50 and 23.6% can be considered next targets, but still it does not become clear that EOS will break above this wedge and break down. To be sure we need to look at further evidence which supports the upward claim.

In order to successfully break below the wedge EOS will have to breach multiple crucial and strong support levels such as wedge bottom, 50% retrace as well as EMA200. And these levels have already held EOS at multiple occasions proving to be reliable. On the MACD side there is also a little bit bullish momentum picking up slowly.

So base on above evidence we can say that the easier direction to move looks to be the upside, and level of $16 looks a near possibility so far, I will keep you posted if there are any crucial changes to the chart.

Good Bye and Best of luck to you all, Have a good time and trade safely.

Patience is the key to success
The key to success when trading cryptocurrencies
When organizing your life (solving problems)
When trying to achieve happiness & wealth...
Patience and deep breathing is the key to attaining everything you want, good or bad, in this lifetime.
Namaste.

Legal Disclaimer: The Analysis posted here is personal view of author and not meant to be an investment advice. Nothing can be sure. any kind of analysis is predictions based on past moments

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