Eos (EOS) Price Analysis and Prediction 2019 – Showing Some Pulse On Shorter Timeframes (Mid May Update)

Mid May Update: Technicals

EOS daily chart is still looking vapid – EOS breached the first support at 90k and then the second one, very strong support line at 82k. Not even the 77k support line held its ground and EOS is now falling to the 64k satoshis zone. This one is another strong support as EOS spent majority of December and January hovering around it.

Considering that market is completely focused on bitcoin’s fight with the newly reached height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, EOS and other altcoins slowly lose value to BTC and go back to their all time lows. Entering EOS right now would be a textbook example of “catching a knife” trading move as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.

Our approach in situations similar to this one, would be a tiered entry position, where you buy a chunk at these prices and set other buy bids right above the significant support lines.

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When we zoom into the lower and shorter time frames, like 4H, we can that volume and volatility measured via ATR are picking up and some greenery is cropping up. We can see, however, a doji candlestick formation. The Doji is a transitional candlestick formation, signifying equality and/or indecision between bulls and bears. A Doji is quite often found at the bottom and top of trends and thus is considered as a sign of possible reversal of price direction, but the Doji can be viewed as a continuation pattern as well. 

EOS needs to break back above 77k and gallop through the EMA50 on 4H before we can even think of calling it an uptrend reversal.

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On the weekly, the symmetric triangle is still not done but it seems that the move will go in the…

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