EOS Begins A Gradual Rally; Can It Reach The Resistance Level At $6?

Key Resistance Levels: $5, $6, $7
Key Support Levels: $3, $2,$1

EOS Price Long-term Trend: Bullish
EOS is in a bullish move but it is encountering penetration at the $3.70 price level. The market pulls back and continues to trade below $3.70. EOS has made concerted efforts at the resistance so as to move up the price ladder.

Previously, the bulls have successfully prevailed over the downtrend line as the coin moves up. Similarly, if the current resistance level is surmounted, the coin will move up again to either $4.60 or $5 price level. Nonetheless, if EOS fails to move up, the coin will fall and find support at $3.20.

EOSUSD – Daily Chart
Daily Chart Indicators Reading:
The RSI period 14 levels 58 signify that EOS is falling and approaching the sideways trend zone. EOS is at the point of a bullish crossover which means that EOS may rise. The downtrend line has already been broken as the market went up. It is unlikely for the selling pressure to resume and price fall below the downtrend line. If it does price may retrace to a low of $ 3.20.

EOS/USD Medium-term bias: Bullish
On the 4-hour chart, the EOS fell to a low of $2.60 in September and October to resume a bullish move. In September, the market went up but was resisted and it dropped to another low at $2.60.

At this low, a trend line is drawn to establish the level of price movement. The uptrend is said to be continuing if the price makes higher highs and higher lows. Nevertheless, if the market falls and breaks below the trend line, the uptrend is said to be ended.

EOSUSD- 4-Hour Chart
4-hour Chart Indicators Reading
EOS is below 40% of the stochastic indicator signifying that price is in a bearish momentum. The EMAs are trending upward suggesting that EOS is rising.

General Outlook for EOS
EOS is in a bullish market. At a low of $2.60 in September the bull market was short-lived as it was terminated at $3.20 price level. The bulls embarked on another bullish move in October but faced another resistance at $3.70 after breaking the initial resistance at $3.20.

As already indicated in the price analysis, EOS may move up, if it takes care of $3.70 price level. However, on the 4-hour chart, if EOS pulls back and breaks below the trend line, the market will drop again.

EOS Trade Signal
Instrument: EOSUSD
Order: Buy
Entry price: $3.40
Stop: $2.50
Target: $6.0

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Quoted Data

• 

  Thierry Laduguie

• 

  Chrisoil

• 

  Neil Woodfine