EOS/USD Price Analysis: Trends of September 3–9, 2018
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Sep 3, 2018 at 9:09 am UTC
by Azeez Mustapha · 2 min read
There could be a further bullish movement. Nonetheless, there may be a pullback towards the support level of $5.8 after which the price may continue to uptrend movement.
Key Highlights
Formation of more bullish candles confirmed;
the price might go up further this week;
traders are advised to be disciplined to avoid loss.
EOS/USD Long-term Trend: Bullish
Resistance levels: $7.4, $9.4, $11.4
Support levels: $5.8, $4.1, $2.0, $0.5The cryptocurrency broke out to the north from the ascending triangle formed within the channel last week with the formation of strong bullish candles. More pressure from the buyer pushed the price up and broke the last week resistance level of $5.8 as it was forecasted last week. The price has kept increasing on the daily charts. Last week was bullish and it has been exposed to the resistance level of $7.4, there is a possibility that price might go up this week.
On the daily chart, the Stochastic Oscillator Period 14 is above the level 80, with its signal lines pointing towards north, which indicates there could be a further bullish movement this week. Nonetheless, there may be a pullback towards the support level of $5.8 after which the price may continue to uptrend movement.
EOS/USD Price Medium-term Trend: Bullish
EOS/USD is bullish on the medium-term outlook, due to the ascending triangle formed within the channel last week. The price has been moving upward with the formation of more bullish candles. As of this week, the price is moving higher. The 10-day EMA has crossed the 50-day EMA upward with the price above the 10-day EMA, confirming the uptrend. Should EOS price go up to the resistance level at $7.4 and produce a bullish pattern, then further upward movement could be anticipated. A retest of the support level of $5.8 could not be overruled. Traders are advised to be disciplined before taking a position.
EOS price will sink to the lows of $4.6 if the bears break down the support level of $5.2, also a bullish breakout will ensure that the resistance level at $6.0 is broken before EOS price will rally to the resistance level of $6.5.
A bullish breakout will ensure that the resistance level at $6.0 is broken then the EOS price will rally to the level of $6.5 which is the upper resistance level of price.
Before EOS can return to its uptrend movement, the bulls will have to increase their momentum, push the EOS price above the resistance level of $6.3 and sustain it.
