EOS Price Changes The Trend With Very Convincing Follow Through
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.
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.
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.
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.