EOS / BTC technical analysis [BINANCE]
EOS / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 15 Oct 2019

$1.57 tipped


EOS seen from the temporality of 1W we can see how the price has reached a key level of the trend, the pressure of sales has begun to decrease, and the bulls seem to have formed a double floor that could push the price towards our first target located at 0.0004493, for this to happen the price first has to break the resistance located at 0.0003980, indicated in the graph by the small horizontal dark blue color, the previous candle has made a retest in that resistance, but the price has been rejected, in the current candle, the bulls are fighting to keep the support diagonally indicated in the chart above by the diagonal dark blue color, if they get it, we could have the break up very soon, otherwise, the price is very likely to fall into the area of demand located within the price range of 0.0003042 – 0.0003215, indicated in the graph above by a light blue rectangle.

EOS seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price in its retreat has formed an HL and is currently trying to achieve the breakage of the resistance indicated in the chart above by the diagonal red, the candles are reaching a definitive moment to determine the direction of the breakage, for now the candle is finding demand, we can see with the lower wick that is forming, buying pressure signal, however, we need the price to close above 0.0003980 to see a bullish continuation.

In conclusion, EOS is at a key rebound level, the 1W structure is forming a reversal pattern, however, the price is very close to the support diagonally, the candle is very young to determine its closing, therefore, it is very possible that in 1D we have a reversal that will later have recovery, thus forming the lower wick of the current candle at 1W, as I have pointed out in the chart above, if the price manages to overcome the resistance located at 0.0003980, the odds of the price looking for our first target located at 0.0004493 are very high, however, if the price breaks the support diagonally, we could fall into the zone of demand located within the price range of 0.0003042 – 0.0003215 or even reach the lower demand zone located within the price range of 0.0002484 – 0.0002151, this I have indicated by arrows on the graph of 1W, therefore, I recommend to be very attentive to the action of the price in 1D and always place stop loss in their operations.

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.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader


TA crypto market
TA crypto market

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