EOS Price Changes The Trend With Very Convincing Follow Through

zycrypto.com 2019-09-11 18:10
Reading time: ~2 m

EOS extends as the lead bull trading at $3.78 while other cryptocurrencies are slowly sinking. The bulls had a great day yesterday forming a really nice bullish hammer candlestick.

The 4-Hour chart is still in favor of the bulls which have been able to defend the 12-day EMA several times now. The RSI has been overextended several times now, the bulls do need a short healthy consolidation in order to cool off the RSI. 

EOSUSD Chart By TradingView

The Hourly chart seems to be pointing towards a small upcoming consolidation as it is now in a confirmed downtrend, again, this isn’t concerning for the bulls right now. The hourly EMA’s are looking for a bear cross within the next few hours but the RSI is not yet overextended. EOS is currently trading below both EMA’s.

The daily chart EMA’s are looking for a bull cross within the next few days. EOS has been the first cryptocurrency to break out from the Equilibrium Pattern and see a continuation, unlike ETH or LTC.

The continuation was so strong that EOS was able to break above 3 daily resistances as it’s not facing any resistance until $4.268. The volume behind the recent bull moves has been significantly higher than in the past two weeks which indicates the bulls have a lot of strength.

EOSUSD Chart By TradingView

Obviously, the weekly chart hasn’t changed that much since the high is all the way up at $4.77, clearly the bulls still need a lot of work there, however, this recent surge has been able to set the low of a potential weekly Equilibrium Pattern. The bulls aren’t looking to break the resistance in one move, their best bet is to set a lower high, then a higher low compared to $3.06 and then break out from the pattern.

EOSUSD Chart By TradingView

The monthly chart is basically showing the same situation, however, the bulls have more advantage here since they are trying to set a higher low already. Similarly, the bulls are not looking to break the top of $8.65 in just one move, they are looking for a lower high and a break above the EMA’s. The bulls would need to set another higher low before trying to break out from the pattern.