EOS.IO ($EOS) ♢ | Does Block.one Have The Bears Under Control?1️⃣ Despite a lawsuit against Block.one for EOS token sales, EOSUSDT and EOSBTC charts are both showing strength. While the broader market is consolidating, the trend of the general market is still bullish. Given the trend of EOS and crypto as a whole, it makes sense to map out some support levels to try to get a long position in this range.
Support:
First up we have the S1 bullish S/R flip and orderblock cluster. We expect price to find support here in the short term. S1 should make a good entry for a retest of the previous range. If S1 doesn't hold, the S2 cluster and trend line should work to hold up the price, although this does create more potential for continuation to the downside. With that said, we don't see S2 being breached unless we see a correction in the broader market (unless perhaps that lawsuit news ramps up; see the link below).
Resistance:
First up, we have the local resistance at the bottom of the previous range where we expect to find rejection. Next, we have R1 which could act as a target for any trades taken at S1 or S2. Above that we have the R2 and R3 orderblocks which are both notable levels to look for reactions if price continues the uptrend.
Summary:
EOS is in an uptrend and so is the broader market, so the goal here is to look for support levels for potential long entries despite us likely being in a consolidation range for the time being (much like the broader market). While we aren't taking a long position here ourselves due to the lack of momentum present in the current chart, these levels are all noteworthy for the EOS bulls.
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