EOS Technical Analysis: Bears Ready To Pounce?
Conclusion for today’s EOS Technical Analysis: A break below the 200 moving average implies further downside in Eosio (EOSUSD).
EOS technical analysis for today is presented on a log scale using an intraday timeframe (4 hour) candlestick chart.
The dominant trend in EOSIO since May of this year is indicated by the bearish trendline. Besides, the 200 moving average is used in this case to provide perspective for price action, which includes monitoring for a possible trend change.
The bearish momentum is EOSIO continued up until September 8, 2019 when price closed back above its 200 moving average for the first time in over 3 months. This implies a possible trend change from bearish to bullish.
A close above the 200 moving average carried price up to the resistance at the bearish trendline with price momentarily closing above the trendline before dipping back below. Possible support for the current bullish momentum from the September 06, 2019 price bottom of ~3.10 is provided by the 200 moving average.
As a result, price consolidating at the moving average would be ideal prior to resumption of the bullish uptrend that should see EOSIO successfully breakout above its long term bearish trendline.
On the other hand, a decisive close below the 200 moving average presents a great challenge to the bullish analysis for EOSIO.
EOS technical analysis for today is presented on a log scale using an intraday timeframe (4 hour) candlestick chart.
The dominant trend in EOSIO since May of this year is indicated by the bearish trendline. Besides, the 200 moving average is used in this case to provide perspective for price action, which includes monitoring for a possible trend change.
The bearish momentum is EOSIO continued up until September 8, 2019 when price closed back above its 200 moving average for the first time in over 3 months. This implies a possible trend change from bearish to bullish.
A close above the 200 moving average carried price up to the resistance at the bearish trendline with price momentarily closing above the trendline before dipping back below. Possible support for the current bullish momentum from the September 06, 2019 price bottom of ~3.10 is provided by the 200 moving average.
As a result, price consolidating at the moving average would be ideal prior to resumption of the bullish uptrend that should see EOSIO successfully breakout above its long term bearish trendline.
On the other hand, a decisive close below the 200 moving average presents a great challenge to the bullish analysis for EOSIO.
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