EOS Technical Analysis: IS EOS DONE CORRECTING?
EOS looks to have completed a healthy correction. Price dropped back to the top of the $5.80 support, created a double bottom and is currently trending up.
Looking at the daily chart, today’s candle needs to close above yesterday’s close of $6.13 to remain bullish. Ideally price will close above the upper wick of yesterday’s candle ($6.51). Volume has been slowly increasing over the last 2 days. It must continue to increase if EOS is to remain bullish.
Looking at the 1 day MACD and RSI, we can see clear hidden bearish divergence. This is concerning for bulls.
In today’s video analysis, I discuss price movement, my Elliot wave count, traps to avoid, market psychology and MUCH more information not found above.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Good post. EOS total market volume is still pretty flat, so exercise caution if you're planning on taking a big position.
Volume is weak all throughout the crypto market. Once we start seeing BTC volume above $10 Billion on a daily basis, you'll know a sustainable bull run has started.