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Crypto Picks Review: EOS and VEN

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EOS/USD

Crypto Picks Review: EOS/USD increased significantly after the breakout above the sliding line (SL1) of the minor ascending Pitchfork as expected (EOS Bullish Perspective), (EOS reached a major target, now what?). It has increased as much as 23.0290 level where it has found a very strong resistance.

EOS/USD chart - forex academy

The price dropped significantly and failed to stay above the second warning line WL2 and above the 250% Fibonacci line. The rate decreased today, signalling a selling pressure after the failure to retest the 250% Fibonacci line. EOS/USD failed to stay above the 18.6850 former high and now could drop further in the short term.

It could increase and approach the previous high only if it makes a valid breakout above the 250% Fibonacci line. The minor drop is natural and was somehow expected after the impressive rally. A valid breakdown below the first warning line (wl1) will confirm a further drop.

VEN/USD

The VEN/USD has increased as expected (VeChain broader increase validated) and has reached an important upside target. The rate is bullish and is targeting other major upside levels.

VEN/USD crart - forex.academy

The next upside targets will be at the first warning line (WL1) of the descending Pitchfork and higher at the first warning line (wl1) of the minor ascending pitchfork. This scenario will happen as long as the rate will stabilize above the broken upper median line (uml) of the minor ascending pitchfork. Only a breakout above the next targets will signal a larger upside movement.

©Forex.Academy

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