Cryptocurrencies

EOS technical analysis

EOS seen from the temporality of 1D we can observe how the price has made the break to the rise of the figure known as descending wedge, the break has been with good volume, which gives greater reliability, the current sail structure is showing “tiredness” in the resistance located at 0.0003754, so it is very possible that we see the price go back to level 61 fibonacci, indicated on the graph by a dark blue horizontal located at 0.0003326, this level is an important area of demand, so reaching that point we could see a rapid movement up.

EOS seen from the temporality of 4H we can observe more closely as the price is testing the resistance, not to be able to close up and give us confirmation, the price will come down quickly, before the level 61 fibonacci, we have an important area of trading, indicated in the chart above by a blue rectangle that is located within the price range of 0.0003522 – 0.0003617, in this range we could see the price recover, however, we must not lose sight of the fact that the most important demand level is the 61 level at 0.0003326.

In conclusion, EOS shows a good recovery and will be one of the strong currencies in trend once the market begins its early recovery, for now it is early to be sure, we need a series of HH and LH more to confirm the trend and we can go long, for now the main areas of demand are indicated on the graph in blue and red as the zone of demand in 1D, as always I recommend to be very attentive to the action of the price of the following candles and the reaction of the price once reached the areas of demand.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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