EOS: weekly market analysis (from 30 December to 5 January 2020 on BTC / EOS pair)

Today the prices have returned to the levels of last Sunday, so we can basically say that it is as if nothing has changed in these days; there is nothing left to do but go and have a look at the graphs to try to understand what to expect from this coin in the coming weeks.

BTC / EOS the bulls are in trouble

Today's closing will be decisive for defining the trend of EOS in the coming days; this day opened with a bullish push but the bears promptly trimmed their paw driving the bulls back.

What we have to do is understand if it is a trivial retracement that will be recovered during the day or if the bearish push will continue in the next few hours and, consequently, also in the next week; to do this we go directly to the graph 4H.

What we see on this time frame is the beginning of the bullish push starting from December 17th, a push that brought the price above the clouds of ichimoku, in a short-term bullish scenario; this push ended between December 30 and January 1, which caused a heavy dump on day two.

Here we see the price that exploited the lower edge of the clouds to bounce, thus returning to the upper margin but without being able to emerge from the cloud; from January 3 to today the price has continued to beat on this resistance without being able to break it permanently, every time the price has peeped over the cloud, in fact, the bears have systematically pushed it back.

Combining the lows reached on December 17, December 23 and January 2, the feeling is that on the 4H EOS time frame it is building an ascending triangle that has a base of 36477 satoshi and this is the level we need to keep an eye on.

Looking, in conclusion, MACD and RSI we note that no bearish divergences have formed and this is however a reassuring signal.

Weekly forecast

I am still bearish on EOS, although the 4H graph shows us the exact opposite; observing this time frame, as mentioned, what we see is a bullish pattern, however my intuition suggests me to remain very cautious on this currency.

Net of this, intuition often and willingly brings us decidedly bad jokes, so it is always better to try to strictly follow the technical analysis; what we have to do, therefore, is to keep an eye on 36477 satoshi, because this level will be crucial to define the direction of the trend.

So, if EOS returns below the ichimoku clouds we would have a bearish signal (because the support of the ascending triangle would be broken), if instead we had a day close above 36477 satoshi altitude we would have a bullish signal and we could evaluate going long to the first pull back.

Please note: this post is not intended to provide in any way financial advice related to how to invest your money but it is purely educational