EOS ready for a retrace within the uptrend
Updated
EOS has been uptrending nicely since the last week of October, when it started current uptrend at a low of 8400 sats.
Since than it went all the way up to a recent peak of 31.4k sats, but EOS fell back a bit to 25.7k sats and is currently having a breather in the middle of the channel. The daily charts are starting to show overboughtness and a bearish divergence is showing in the II. MACD is still positive but it won't take much to give a sell signal. Two potential scenario's are unfolding, where the first one would be one more leg up towards the upper end of the ascending channel at 30k-33k, and from there a retrace back down towards the ascending trendline currently at 24.5k. The second scenario would be a longer period of ranging between 26k and 30k, to get out of the overbought situation. Either way, the trend is expected to stay intact, so a good entry point would be at the lower end of the channel with swingtrade opportunities at the upper end of the channel.
Since than it went all the way up to a recent peak of 31.4k sats, but EOS fell back a bit to 25.7k sats and is currently having a breather in the middle of the channel. The daily charts are starting to show overboughtness and a bearish divergence is showing in the II. MACD is still positive but it won't take much to give a sell signal. Two potential scenario's are unfolding, where the first one would be one more leg up towards the upper end of the ascending channel at 30k-33k, and from there a retrace back down towards the ascending trendline currently at 24.5k. The second scenario would be a longer period of ranging between 26k and 30k, to get out of the overbought situation. Either way, the trend is expected to stay intact, so a good entry point would be at the lower end of the channel with swingtrade opportunities at the upper end of the channel.
Note
Also the EOS/USD pair showing the same overboughtness.
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