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EOS Could Be Very Attractive Soon

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EOS (EOS)


EOS Market Cap: $12.51B

Circulating Supply; 896.15M EOS

Max Supply: 1B EOS

Volume (24h) $1.22B


Technical Analysis


EOS/USD dropped aggressively today after retesting a major dynamic resistance. It has erased the morning gains and it almost reached a static support. However, the crypto remains very attractive despite the last corrective phase. Today, it has dropped as all the major cryptocurrencies have decreased. Right now is very important for the crypto to stay above the 13.5000 psychological level because it will maintain a bullish perspective.


 

EOS could make a minor consolidation before it will jump higher. The rate needs more directional energy to be able to climb towards the 16.0000 psychological level. The rate dropped aggressively after the false breakout above the 250% line and above the warning line (wl2). EOS/USD has found a bottom on the median line (ML) of the descending pitchfork and on the median line (ml) of the ascending pitchfork.  The price retested the median line (ml) of the ascending pitchfork and has closed much above it signalling that we may have a reversal.

It has found a temporary resistance at the upper median line (uml) of the ascending pitchfork and at the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork. You can see that it has retested the 50% line of the ascending pitchfork, closing much above it and above the 50% retracement level signalling a bullish pressure.


 Conclusion 


Personally, I believe that it will become strongly bullish after a valid breakout above the 250% Fibonacci line, above the upside 50% Fibonacci line of the descending pitchfork, above the upper median line (uml) and also above the 38.2% retracement level. The first upside target it will be at the WL2, but it could be attracted by the confluence area former between the UML and the first warning line (wl1).

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