EOS Technical Analysis: Change in Bearish Trend on the Horizon?
Conclusion for today’s EOS technical analysis: The current downside potential for EOSBTC is limited and should be followed by a bullish swing in price.
The 6 hour timeframe candlestick chart of EOSBTC is presented using a log scale. Context is provided for price action to current date since inception using a bearish channel (tentative).
Instagram: https://www.instagram.com/coin_analyst/
Twitter: https://twitter.com/Cryptotrader029
Also indicated on the chart is the bearish price channel previously active since June of 2019 prior to break out in price on July 17, 2019. A breakout from the bearish channel is bullish. However, formation of a pennant patter as highlighted on the chart following breakout does suggest a continuation of the current downtrend.
A close below ~0.000379 will further strengthen the bearish bias. In such a scenario, ~0.000309 (the lower boundary of the major bearish channel) would be anticipated as target for price action.
Price levels to watch out for resistance on resumption of a bullish swing in price from the bottom includes 0.000429 and also 0.000534.
Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.
https://coinanalyst.investments/2019/04/26/btc-analysis
Congratulations @cryptotrader0029! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!