EOSUSD - 4H - Update
Uppdaterad
EOS was forming an iH&S and broke out of the formation today with decent volume (not as much as we would like to see) and its projection target is around $5.7. We can see that EOS broke above the supply zone around $5.3-$5.4 and has used it as support to propel itself to the iH&S projection.
We can see that the RSI is starting to hit the upper range and the MACD has moved higher over the midline but not as enthusiastic as the price move. We could be due for a pullback and EOS would need to hold the support level in order to continue upward momentum but a break below could drop it to the breakout level or to the lower support zone around $4.9.
If one was looking to short EOS, the ideal entry would be at the supply zone around $5.9-$6.1 as it is a strong resistance level and a first touch would likely cause a strong reaction to the downside. For a long position, the holding of the first and/or second support would create the ideal entry.
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We can see that the RSI is starting to hit the upper range and the MACD has moved higher over the midline but not as enthusiastic as the price move. We could be due for a pullback and EOS would need to hold the support level in order to continue upward momentum but a break below could drop it to the breakout level or to the lower support zone around $4.9.
If one was looking to short EOS, the ideal entry would be at the supply zone around $5.9-$6.1 as it is a strong resistance level and a first touch would likely cause a strong reaction to the downside. For a long position, the holding of the first and/or second support would create the ideal entry.
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Comment below, let us know what you think and where you see the market going in the future!
Thank You!
Kommentera
As mentioned yesterday, EOS was unable to break higher and returned lower where it is currently testing the breakout level. It seems to be well supported so far but a break lower in BTC could cause EOS to fall to the first support zone and maybe even make a trip back down to the lows.
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