Hey friends, hope you are well, and welcome to new update on EOS coin.
A Gartley move:
Few days back I posted an idea, in which I showed that how the EOS has completed harmonic bullish Gartley move and ready to move up from the potential reversal zone. Now finally the price action of EOS has taken bullish divergence and moving up.
Gartley pattern before execution:
Gartley pattern after execution:
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A big descending triangle:
Now on the weekly chart, the priceline of EOS is moving within a descending triangle, and likely to be failed in breaking out the resistance of triangle and the 100 simple moving average resistance at the same time. If we take a look at the stochastic oscillator, then it has also given sell signal by forming bear cross. Therefore, we can expect one more time a re-test of support of this triangle. If we take a look at the Bollinger bands then it is getting squeezed and moving sideways. That is a clear signal, that a breakout or break down can happen soon.
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Head & Shoulder formation:
On a small time period hourly chart, it can be seen that the priceline of EOS has formed a head and shoulder move, that can push the price action to the support of the triangle that is formed on the weekly chart.
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The simple moving averages:
On daily chart, the price action has broken out the 25, 50, 100 and 200 simple moving averages. The 50 SMA has formed golden cross with 200 and now the 100 SMA is moving up to cross the 200 simple moving averages that will be another bullish signal. After placing Fibonacci took it can be observed that after rally, the price action has been retraced between 0.618 to 0.786 retracement levels. If we take a measurement from the tail of the triangle to the support and place it at the tip of the triangle then in case of breakout, we can expect a rally upto $7.
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Conclusion:
There can be a rally to the support of the triangle and after a successful re-test, we can expect a breakout for the $7 target.
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